Philly Shipyard — Capital/Financing Update 2014

Jan 20, 2014

Aker Philadelphia Shipyard : AKER PHILADELPHIA SHIPYARD COMMITMENT FOR $65M TERM LOAN EXPIRES

Aker Philadelphia Shipyard : AKER PHILADELPHIA SHIPYARD COMMITMENT FOR $65M TERM LOAN EXPIRES

Aker Philadelphia Shipyard ASA (Oslo: AKPS) announced today that the commitment

letter between its wholly owned U.S. subsidiary, Aker Philadelphia Shipyard,

Inc. (APSI) and a group of private lenders that was announced on 14 November

2013 has expired. This commitment had been for a secured term loan of $65

million with a variable interest rate of LIBOR plus 7.00%.  This loan will not

be closed.

The previously announced commitments for a secured term loan of up to $60

million from PIDC Regional Center that matures in 2019 and carries a fixed

2.75% interest rate, and a secured construction loan facility of up to $120

million from Caterpillar Financial Services for the four product tankers under

contract with Crowley (i.e., Hulls 021-024), each remain effective.  Definitive

documentation for these financings is expected to be completed during Q1 2014.

In addition, the previously announced $60 million private placement of shares of

AKPS is expected to be approved by an Extraordinary General Meeting next month.

It is expected that these debt financings and the private placement will fulfill

all of APSI's capital needs for its current backlog as well as its future

investment of approximately $115 million in Hulls 021-024 pursuant to the APSI-

Crowley joint venture.

APSI is currently constructing two 115,000 dwt crude oil carriers for SeaRiver

Maritime, Inc., ExxonMobil Corporation's U.S. marine affiliate. Both of these

crude oil tankers are scheduled for delivery in 2014.  APSI also has contracts

for the construction of four product tankers with Crowley with deliveries in

2015 and 2016 as part of a joint venture. In addition, APSI has contracts with

Matson Navigation Company, Inc. for the construction of two 3,600 teu

containerships with delivery in Q3 and Q4 2018. 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#1755595]