Philly Shipyard — Capital/Financing Update 2015

Mar 12, 2015

AKPS-Crowley Joint Venture Secures Commitment for USD 325 Million Take-Out Facility

AKPS-Crowley Joint Venture Secures Commitment for USD 325 Million Take-Out Facility

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

joint venture between AKPS and Crowley has 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. This facility will be

used for post-delivery financing of the four product tankers to be included in

the AKPS-Crowley joint venture (Hulls 021-024). This commitment is subject to

the execution and delivery of definitive documentation and satisfaction of

customary conditions precedent.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1902380]