Philly Shipyard — Capital/Financing Update 2014

Apr 1, 2014

Aker Philadelphia Shipyard : Aker Philadelphia Shipyard Sells Profit Sharing Interests in Hulls 17 and 18 to Crowley for USD 40 Million

Aker Philadelphia Shipyard : Aker Philadelphia Shipyard Sells Profit Sharing Interests in Hulls 17 and 18 to Crowley for USD 40 Million

Aker Philadelphia Shipyard ASA (Oslo: AKPS) announced today that it has entered

into an agreement with Crowley for the sale of AKPS's profit sharing interests

in Hulls 17 and 18 for total cash proceeds of USD 40 million. This sale includes

the profit sharing on the two product tankers delivered to Crowley in August

2012 (the Pennsylvania) and January 2013 (the Florida). It does not include the

company's interests in the four joint venture vessels currently under contract

with Crowley, designated as Hulls 21-24.

Kristian Rokke, AKPS's President and CEO, commented, "This sale represents a

small step in a larger strategy to maximize the value of our shipping assets

over time. This particular step allows AKPS to realize significant profit on a

transaction conducted nearly two years ago in tough market conditions." Mr.

Rokke continued, "Our goal is to put money back in the hands of shareholders,

and given our confidence in being able to finance the company's expected

investment in Hulls 25-28, I expect AKPS to pay substantially all of the

expected net proceeds from this sale as a dividend in May 2014."

It is expected that, as a result of the sale of AKPS's profit sharing interests

in Hulls 17 and 18 to Crowley, the net proceeds after taxes and fees will be

approximately USD 33 million.

As previously communicated, AKPS is in discussions with several interested

parties for Hulls 25-28, all of which contemplate AKPS retaining significant

shipping exposure. Interest in the slots continues to be high and the company

expects to announce its plans for Hulls 25-28 during 2014.

APSI currently has under construction two 115,000 dwt crude oil carriers for

SeaRiver Maritime, Inc., ExxonMobil Corporation's U.S. marine affiliate, and one

50,000 dwt product tanker for the joint venture with Crowley.  APSI also has

firm contracts for the construction of three additional 50,000 dwt product

tankers for the joint venture with Crowley and contracts for two 3,600 teu

containerships with Matson Navigation Company, Inc. For more information on the

shipyard, please visit www.akerphiladelphia.com.

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 and section 3.4 of the Continuing

Obligations.

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