Philly Shipyard - Board/Management Information 2015

Aker Philadelphia Shipyard Announces Appointment of New CFO

Aker Philadelphia Shipyard ASA (Oslo: AKPS) is pleased to announce that Jan

Ivar Nielsen (born 1962) will be joining the company as Chief Financial Officer

effective September 2015. Since 2009, Mr. Nielsen has held the position of CFO

of VARD Holdings, a publicly listed global designer and builder of offshore and

specialized vessels with ten facilities across Europe, Asia and South America.

From the period 2002 to 2005, Mr. Nielsen was CFO of the shipyard in

Philadelphia. In 2005, Mr. Nielsen was involved in the formation of Aker

American Shipping Company, the former parent of both Aker Philadelphia Shipyard

and American Shipping Company. He then served as CFO of Aker American Shipping

Company until 2007. Mr. Nielsen holds a Master of Science in Business degree

from Bodø Graduate School of Business and an Executive MBA degree from Temple

University.

Steinar Nerbovik, President and CEO of Aker Philadelphia Shipyard remarked, "It

is great to have Jan Ivar back in Philadelphia. His familiarity with the

shipyard's operations and people, as well as his global experiences at VARD,

will make him a valuable addition to the team."

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, Havfisk and Akastor.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1931748]

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