Philly Shipyard — Board/Management Information 2014

Nov 5, 2014

Aker Philadelphia Shipyard : Steinar Nerbovik Appointed CEO of Aker Philadelphia Shipyard; Kristian Rokke Becomes Non-Executive Chairman

Aker Philadelphia Shipyard : Steinar Nerbovik Appointed CEO of Aker Philadelphia Shipyard; Kristian Rokke Becomes Non-Executive Chairman

Aker Philadelphia Shipyard ASA (Oslo: AKPS) (the "Company") is pleased to

announce that its Board of Directors has appointed Steinar Nerbovik as President

and CEO of Aker Philadelphia Shipyard ASA effective today. Mr. Nerbovik has

served as the Company's Managing Director for the past seven months and was

previously the Company's Senior Vice President of Operations. Kristian Rokke

will continue as Chairman of the Board of AKPS, but in a non-executive capacity.

These changes are in line with the Company's transition plans previously

announced on 19 March 2014.

"Today's announcement is mostly a formality given Steinar's prominent role at

the Company since 2013 and follows the plan set earlier this year, but

nonetheless, it is an important milestone for AKPS," said Mr. Rokke. "Steinar is

a proven leader with exceptional shipbuilding know-how and I am confident that

he will accelerate the Company's pace of progress along with the management

team."

"The shipyard is in a robust position right now with an order book through

2018," remarked Mr. Nerbovik. "Kristian is a well-respected leader who paved the

way for a strong future at AKPS and my main focus will be to capitalize on these

opportunities in addition to creating new ones. I look forward to working with

all of our stakeholders to deliver on our commitments."

The Company's Board of Directors remains unchanged and consists of Kristian

Rokke, Audun Stensvold, Elin Karfjell, and Amy Humphreys.

Biographies:

Steinar Nerbovik (b. 1961) was appointed SVP Operations in June 2013 and has

served as the Company's Managing Director since April 2014. Prior to this, Mr.

Nerbovik served as SVP Yard Director for Norwegian Shipyard VARD Langsten

(former Aker Yards and STX OSV Langsten), a leading provider of sophisticated

offshore support vessels. Mr. Nerbovik first joined Aker Philadelphia Shipyard

in 2003 as Vice President Projects. Mr. Nerbovik has held other management

positions as combined Design Manager and Project Manager at Aker Langsten from

1991 - 2003. Mr. Nerbovik holds a Master of Science in Ship Naval Engineering

from the Norwegian Institute of Technology (NTNU) in Trondheim. Mr. Nerbovik

lives in Philadelphia, PA, USA.  Mr. Nerbovik is a Norwegian citizen. As of 5

November 2014, Mr. Nerbovik holds 1,000 shares in the company and has no stock

options.

Kristian Rokke (b. 1983) is currently the Chairman of Aker Philadelphia

Shipyard. He has previously served as SVP Operations and President & CEO of

AKPS. Mr. Rokke has experience in offshore service and shipbuilding from several

companies in the Aker group. Mr. Rokke is a Board Member of TRG Holding AS,

which owns 66.7% of Aker ASA, in addition to being a Board Member of Philly

Tankers AS. Mr. Rokke holds an MBA from The Wharton School, University of

Pennsylvania. Mr. Rokke is both a Norwegian and United States citizen. As of 5

November 2014, Mr. Rokke holds zero shares in the company and has no stock

options.

About AKPS:

Aker Philadelphia Shipyard is a leading U.S. commercial shipyard constructing

vessels for operation in the Jones Act market.  It possesses a state-of-the-art

shipbuilding facility and has earned a reputation as the preferred provider of

oceangoing merchant vessels with a track record of delivering quality ships.

Aker Philadelphia Shipyard is listed on the Oslo Stock Exchange and is majority-

owned by Converto Capital Fund, which in turn is majority-owned by Aker ASA.

Aker is a Norwegian industrial investment company that creates value through

active ownership. Aker's investment portfolio is concentrated on key Norwegian

industries that are international in scope:  oil and gas, fisheries and

biotechnology, and marine assets. Aker's industrial holdings comprise ownership

interests in Aker Solutions, Kvaerner, Det norske oljeselskap, Aker BioMarine,

Ocean Yield and Havfisk.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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