Philly Shipyard - M&A Activity 2014

Aker Philadelphia Shipyard ASA: Results of Open Market Partial Tender Offer

Philadelphia, August 11, 2014 - Reference is made to the open market partial

tender offer for up to 650,000 shares of Aker Philadelphia Shipyard ASA (OSE:

AKPS) announced on 7 August 2014.

Pursuant to the offer, only a limited number of shares were tendered to the

company. AKPS has accepted all shares tendered in accordance with the principles

of the previously announced buyback program, which amounted to 166,457 shares.

The total consideration was NOK 26,633,120 with a purchase price of NOK 160 per

share.

Following the transaction, AKPS holds a total of 185,203 own shares,

constituting approximately 1.47% of the Company's shares and votes.

The Company will continue its buy-back program in accordance with its

authorization to purchase up to 10% of the Company's share capital. Pareto

Securities is engaged by the Company to carry out the buyback program.

***

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#1847966]

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