Aker Seafoods is borrowing up to a further NOK 75 million from the seafood company's main shareholder Aker ASA. The loan is caused by liquidity challenges due to high activity and large stocks. The loan, which has been established on market terms, has a maturity of 90 days and a yield 400 basis points above three-month Nibor. Aker Seafoods' total debt and credit facility to Aker ASA is NOK 113 million. The loan is secured with substantial assets. Prior to the last loan agreement, Aker Seafoods had interest-bearing debt of NOK 1.5 billion. Aker ASA has set as a condition for the loan that Aker Seafoods implements a financial restructuring that includes both debt reduction and equity expansion. Aker ASA is, if certain conditions are met, willing to contribute in an equity issue, with capital reflecting its ownership stake. Aker Seafoods has recorded sales growth and improved results in the year to date, compared with the previous three quarters. However, the liquidity situation is challenging. High activity during the winter season increases working capital requirements and a lot of capital is tied up in large stocks of frozen fish and ready-made products. ”We have discussed options with the company's biggest owner. For Aker ASA, it is not an option to contribute equity without seeing a substantial reduction in the seafood company's debt. We appreciate the shareholder's position. Even if the company's operations show clear improvements in the first quarter of 2009, the debt levels are high,” says Yngve Myhre, chief executive officer of Aker Seafoods. ”The liquidity problem has found a short-term solution, but we are working to find a long-term solution to build a stronger financial fundament for Aker Seafoods. This effort is underway, and we will update the market as soon as we have new relevant information,” says Mr Myhre. For further information, please contact: Yngve Myhre, CEO Aker Seafoods, tel. +47 24 13 01 60 Gunnar Aasbø, CFO and IR-contact, tel. +47 24 13 01 60