Philly Shipyard - Capital/Financing Update 2014

AKPS - COMPLETION OF PRIVATE PLACEMENT, SHARE LENDING

10 February 2014

Reference is made to stock exchange announcement

dated 17 January about the private placement in Aker

Philadelphia Shipyard ASA (Trading Symbol: AKPS)

(the "Company") and announcement dated 7 February

2014 regarding approval by the Extraordinary General

Meeting of Aker Philadelphia Shipyard ASA of the

private placement. The private placement will be

completed in accordance with the information provided

in the announcement dated 17 January 2014.

Delivery of the shares allocated in the private

placement will, in order to facilitate delivery-

versus-paument and delivery of already listed shares

to the subscribers following the Extraordinary

General Meeting, be made by delivery of existing and

unencumbered shares in the Company, pursuant to a

share leding agreement entered into between the

Company, Pareto Securities AS and Converto Capital

Fund AS. The shares lended by Converto Capital Fund

AS to Pareto Securities AS will be returned to

Converto Capital Fund AS once the share capital

increase is registered in the Norwegian Register of

Business Enterprises (NW. Foretaksregisteret).

For further details of the transaction, please see

the stock exchange notice "AKPS Equity Raising -

Transaction Details" distributed 17 January 2014.

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