Akastor ASA: Karl Erik Kjelstad appointed new CEO; Kristian Røkke proposed nominated as Chairman

Akastor ASA announced that its Board of Directors has appointed Karl Erik Kjelstad as its Chief Executive Officer effective from 1 January 2018. Mr. Kjelstad will succeed Kristian Røkke who will assume the position as Chief Investment Officer of Aker ASA on 1 January 2018. Aker ASA will propose to the nomination committee of Akastor ASA that Kristian Røkke is appointed as Chairman of the Board of Akastor ASA at the next Annual General Meeting.

"It has been a pleasure to lead Akastor and I am proud of what the team has accomplished. The company has focused its portfolio, strengthened its balance sheet, and is well positioned to further develop its core assets - MHWirth and AKOFS Offshore - over the coming years," said Kristian Røkke. "Karl Erik Kjelstad has a strong track record and is the right person to develop Akastor going forward."

"I look forward to leading Akastor into its next phase. Important tasks lie ahead of us to continue to deliver value to shareholders and I am excited about these opportunities for Akastor," said Karl Erik Kjelstad.

Karl Erik Kjelstad (born 1966) has been EVP and Investment Director in Akastor since its establishment in 2014. Mr. Kjelstad joined the Aker group in 1998 and has held various executive positions throughout the Aker group, including EVP of Aker Solutions and CEO of Aker Yards ASA in 2003-2007. Mr. Kjelstad holds an MSc in marine engineering from the Norwegian University of Science and Technology (NTNU) and an AMP from Harvard Business School. As of December 11, 2017, he held, through a privately-owned company, 123 074 shares in the company and had no stock options. Mr. Kjelstad is a Norwegian citizen.

ENDS

For further information, please contact:

Leif Borge
Chief Financial Officer
Mob: +47 917 86 291
E-mail: leif.borge@akastor.com

Akastor ASA is a Norway-based oil-services investment company with a portfolio of industrial holdings and other investments. The company has a flexible mandate for active ownership and long-term value creation.

This information is subject of the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.