Philly Shipyard - Capital/Financing Update 2015

Aker Philadelphia Shipyard Finalizes $60M Welcome Fund Loan

Aker Philadelphia Shipyard ASA (Oslo: AKPS) is pleased to announce that its

wholly-owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc.

(APSI), has executed definitive documentation with PIDC Regional Center, LP XXXI

for a secured term loan of up to USD 60 million.

The loan has a five-year term and a fixed interest rate of 2.75% through

maturity. The loan is secured by a lien on the company's interests in Hulls

021-024, which are the four product tankers to be included in the AKPS-Crowley

joint venture. The company made its first draw under the facility on the closing

date.

The loan is made through the Welcome Fund (EB-5) loan program, a source of low-

interest senior financing for large-scale, job-creating projects undertaken by

strong governmental, corporate or institutional sponsors.

As previously announced in March 2014, APSI executed definitive documentation

with Caterpillar Financial Services Corporation for a USD 120

million construction loan facility for the four product tankers.

In addition, as previously announced earlier this month, the AKPS-Crowley joint

venture received a firm and fully underwritten commitment from a group of banks

and other financial institutions for a USD 325 million senior secured term loan

facility for post-delivery financing of the four product tankers.

[HUG#1903971]

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