Philly Shipyard - Capital/Financing Update 2014

Aker Philadelphia Shipyard : Approved Prospectus

Reference is made to the previous announcements by

Aker Philadelphia Shipyard ASA (Trading symbol: AKPS)

(the "Company") regarding the equity raise in the

Company, consisting of a private placement of shares,

for gross proceeds of NOK 371 million, or

approximately USD 60 million (the "Private

Placement"), and a contemplated subsequent offering

of shares, for gross proceeds of up to NOK 55.6

million, or approximately USD 9 million

(the "Subsequent Offering").

The Norwegian Financial Supervisory Authority (Nw.

Finanstilsynet) has today approved the prospectus for

the listing of 2,250,000 new shares in the Company,

issued under the Private Placement, and the offering

and listing of up to 337,000 new shares in the

Company, to be issued under the Subsequent Offering.

Further information will be published in due course.

This information is subject to disclosure under the

Norwegian Securities Trading Act, Section 5-12.

AI assistant