Philly Shipyard — Board/Management Information 2014

Mar 19, 2014

Aker Philadelphia Shipyard : Kristian Rokke Nominated to be Executive Chairman of AKPS; Steinar Nerbovik to be Appointed AKPS's Managing Director

Aker Philadelphia Shipyard : Kristian Rokke Nominated to be Executive Chairman of AKPS; Steinar Nerbovik to be Appointed AKPS's Managing Director

Aker Philadelphia Shipyard ASA (Oslo: AKPS) announces that Kristian Rokke,

AKPS's President and CEO, has been nominated to be Executive Chairman of the

Board of Directors of AKPS. This nomination is expected to be approved at the

Company's Annual General Meeting on April 9, 2014. Steinar Nerbovik, who is

currently Senior Vice President of Operations of Aker Philadelphia Shipyard,

Inc., AKPS's wholly-owned subsidiary (APSI), will assume the position of

Managing Director of both AKPS and APSI.

As Executive Chairman, Mr. Rokke will continue to have an active role in AKPS's

activities and plans to remain full-time in Philadelphia, PA until the end of

2014. At the end of this transition period, Mr. Rokke will become Chairman of

the Board of Directors of AKPS with customary responsibilities and assume

another position within the Aker group.

Mr. Rokke remarked, "Serving as CEO has been an honor and I look forward to

contributing to the growth of AKPS in a new role. The company is embarking on a

new era and Steinar, with his international shipbuilding experience and intimate

knowledge of APSI, is uniquely qualified to guide the shipyard through its

record backlog." Mr. Rokke continued, "The market continues to be strong and I

will focus primarily on maximizing the opportunities surrounding our available

slots and shipping assets, while Steinar will manage the day-to-day operations

as he has for the past year."

The other individuals joining Mr. Rokke on the Board of Directors are expected

to be Audun Stensvold, Amy Humphreys and Elin Karfjell.  Mr. Stensvold and Ms.

Humphreys have been recommended by the Nomination Committee of AKPS for re-

election at the next Annual General Meeting. Ms. Karfjell's current term does

not expire until 2015.  Jim Miller, who has served as Board Chairman since

2011, and Manuel Stamatakis, who has served on the Board since 2011, will

withdraw from the Board.

"Jim has been instrumental in the development of AKPS over many years. He is a

leader of the highest-caliber and I would like to thank him for all that he has

done for the organization," said Mr. Rokke. Regarding Mr. Stamatakis, Mr. Rokke

commented, "Manny has been a staunch supporter of the shipyard from its

inception and has worked diligently with us during both good and challenging

times. We look forward to continuing to work together to support manufacturing

jobs in Philadelphia and the Commonwealth of Pennsylvania."

Biographies:

Steinar Nerbovik (b. 1961) was appointed SVP Operations in 2013. 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 1

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

options.

Mr. Rokke (b. 1983) was appointed President & CEO of Aker Philadelphia Shipyard

in April 2011. Mr. Rokke joined AKPS in 2007 and has held various roles,

including SVP Operations and Senior Shop Manager. Mr. Rokke has experience from

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. Mr.

Rokke lives in Philadelphia, PA, USA and is currently earning his MBA at The

Wharton School, which will be completed in May 2014. Mr. Rokke is both a

Norwegian and United States citizen. As of 1 February 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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