Transfer of Process and Construction businesses

Aker Solutions has entered into a share purchase agreement (SPA) whereby it has agreed to transfer operations within its Process and Construction business area to US based Jacobs Engineering Group Inc., one of the world's largest and most diverse providers of professional technical services. The transfer does not include the US EPC centre in Houston, and the Union Construction business located in the US and Canada, which will all be part of the new Aker Contractors company. As previously announced by Aker Solutions, the US EPC centre in Houston, and the Union Construction business located in the US and Canada, are transferring to the new Aker Contractors company, when established, to further ramp up the company's already strong engineering, procurement and construction (EPC) competence and global capacity.

The transaction will allow the Process and Construction businesses included in the transfer to continue to grow under the new ownership. Aker Solutions will further concentrate its strategic efforts on its core oil and gas business.

Aker Solutions has approx. 30000 skilled and dedicated people (including contract and craft personnel) serving the international oil, gas, energy and process industries. Of these the Process and Construction operations transferring to Jacobs include approximately 4500 (as at 30 November 2010, this includes contract and craft personnel) employees located across operations in the UK, The Netherlands, Germany, USA, Canada, Peru, Chile, Australia, China and South Africa.

The acquisition is subject to the relevant regulatory approvals and the parties aim to complete the transaction in the first quarter of 2011.