Philly Shipyard - Capital/Financing Update 2015

Philly Shipyard Secures Commitment for a USD 150 Million Construction Loan Facility from Cat Financial

Philly Shipyard, Inc. (PSINC), the sole operating subsidiary of Philly Shipyard

ASA (Oslo: PHLY), announced today that it has signed a commitment letter with

Caterpillar Financial Services Corporation (Cat Financial) for a USD 150 million

loan facility to finance the construction of four next generation 50,000 dwt

product tankers, designated as Hulls 025-028. The facility will be subject to a

maximum borrowing amount of USD 75 million per vessel and secured by a first

lien on the four vessels. The loans will accrue interest at three-month LIBOR

plus 3.00% as defined in the commitment letter.

The company expects to enter into definitive agreements for this facility in Q1

2016. This facility will be a continuation of the extensive cooperation between

Philly Shipyard and Cat Financial that will include a total of 26 vessels,

including both product tankers and containerships, and span a period of 15 years

when Hull 028 is delivered.

All four vessels to be financed by this facility are currently under contract

with Philly Tankers LLC. As previously announced by PHLY, the shipbuilding

contract for each of these vessels will be assigned at delivery by Philly

Tankers LLC to a subsidiary of Kinder Morgan, Inc.

For more information on Philly Shipyard transactions and projects, please visit

www.phillyshipyard.com.

About Philly Shipyard:

Philly 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. Philly

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,

Havfisk and Akastor.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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