08/02-2010 08:43:00: (AKBM) Aker BioMarine refinancing plan

Aker BioMarine and its majority shareholder and largest creditor, Aker ASA, have
prepared a refinancing plan for the company. The plan establishes a solid
financial foundation for advancing Aker BioMarine's business activities. The
company is in discussions with key bondholders to secure their approval of the
refinancing plan.

The refinancing will strengthen Aker BioMarine's capital structure and liquidity
through the addition of at least NOK 550 million in equity from Aker and other
Aker BioMarine shareholders. In view of the company's significantly stronger
capital structure and liquidity, holders of the Aker BioMarine bond that matures
in May 2010 have been asked to accept a three-year extension of the loan's
maturity.

"Sales, operations, and profitability are developing well, and the refinancing
plan we have drafted provides Aker BioMarine with a solid foundation for further
growth," says Aker BioMarine's President and CEO Hallvard Muri. Mr. Muri
comments further: At year-end 2009, Aker BioMarine had total gross debt of
NOK 1 361 million; the figure includes the NOK 750 million bond loan that
matures in May 2010. The equity ratio was 12 percent as of 31 December 2009.

"The way we see it, the refinancing plan is balanced and practical. Moreover,
bondholders will have a receivable from a company with a considerably stronger
financial backbone than is the case right now," says Mr. Muri. "We are working
with our financial advisors at Arctic Securities, to reach an agreement with our
bondholders."

As of 31 December 2009, Aker BioMarine's debt to Aker totaled NOK 956 million,
including accrued interest. The debt includes a convertible loan, Aker's share
of the bond loan, and a NOK 50 million short-term secured loan. Further, Aker
has consented to Aker BioMarine borrowing an additional NOK 40 million in the
first quarter of 2010. Offsetting such debt, Aker BioMarine holds a NOK 357
million receivable from Aker ASA, including accrued interest, and long-term
receivables from Aker Ocean Harvest AS totaling NOK 166 million including
accrued interest.

According to the refinancing plan, Aker's NOK 473 million net receivable from
Aker BioMarine will be converted into equity through a private placement of Aker
BioMarine shares. To enable other shareholders to maintain their proportionate
ownership interest and to provide necessary additional liquidity, plans are to
carry out a private placement of shares directed at existing minority
shareholders. The share price in this offering will be the same as in the
private placement of shares directed at Aker. Both the share price and the final
share issue amount will be determined at a later date. However, Arctic
Securities' assessment is that the share issue should be conducted at a price
that is significantly discounted from the quoted share price. A condition
established by Aker is that its ownership interest in Aker BioMarine must not
exceed 90 percent following the completion of the share issues.

For further information, please contact:
Hallvard Muri, President and CEO, Aker BioMarine, tel: +47 24 13 00 00
Fredrik Dokk Nygaard,CFO and Investor Relations, Aker BioMarine, tel: +
47 24 13 00 00

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


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