Philly Shipyard - Capital/Financing Update 2014

Aker Philadelphia Shipyard Finalizes Construction Funding from Cat Financial

Aker Philadelphia Shipyard ASA (Oslo: AKPS) announced today that its wholly

owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI) has entered into

a loan agreement with Caterpillar Financial Services Corporation (Cat Financial)

for a USD 120 million loan facility for construction financing on the four

product tankers under contract with Crowley Maritime Corporation (Crowley). The

loan will be subject to a maximum borrowing amount of USD 58-60 million per

vessel and will be secured by a first lien on Hulls 021-024. The loan will

accrue interest at three-month Libor plus 3.0% as defined in the loan agreement.

The commitment letter for this loan was originally disclosed in AKPS's third

quarter 2013 financial report.

APSI is 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.

[HUG#1767060]

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