Philly Shipyard - M&A Activity 2014

Aker Philadelphia Shipyard : Converto evaluating strategic alternatives for its US Jones Act investments

Converto Capital Fund ("Converto"), in which Aker ASA holds 99.8 per cent of the

invested capital, has during the last week investigated the opportunity for an

exit in American Shipping Company ASA ("AMSC") through a contemplated secondary

offering. In this process and through other recent discussions with a number of

financial and industrial investors, Converto has gained valuable confirmation of

the future potential of AMSC and Aker Philadelphia Shipyard ("AKPS"). Converto

has also received indications from several parties that there is interest in

discussing and assessing strategic opportunities for AMSC and AKPS on a stand-

alone or combined basis. As a result, Converto has concluded that potential

strategic alternatives could create higher value than an exit at the current

time and will now spend the time required to explore such options.

Converto has been a major shareholder in AMSC and AKPS since 2009 and has shared

in the companies' success over the last few years. The North American shale oil

revolution has created a structural change in the demand for oil transportation

and refining in the United States. This has resulted in the creation of numerous

jobs and significant tailwinds for the Jones Act market. AMSC and AKPS's assets

are uniquely positioned to benefit from a continued tight Jones Act market and

the favourable supply / demand dynamics driven by increased shale oil

production, longer shipping distances, stricter vessels requirements and limited

newbuilding capacity.

In Converto's opinion, AMSC and AKPS are at a crossroad of opportunities. As

previously announced, AMSC is working to refinance its debt and is in final

rounds of negotiations with banks to orchestrate an all encompassing refinancing

to reduce the cost of capital and increase its dividend capacity. Among other

strategic alternatives, AMSC and AKPS are both working towards establishing a US

yieldco (an MLP- like investment vehicle) and a potential US listing.

As the principal shareholder in both companies, Converto is excited to work

together with management and the Board of Directors of AMSC and AKPS to evaluate

and execute potential strategic initiatives to visualize and maximize

shareholder value. This could include M&A and financial restructuring in AMSC

and AKPS, as well as investigating potential joint strategic alternatives for

the two companies. Converto will appoint an advisor to assist in the above

mentioned processes.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1859508]

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