Philly Shipyard - M&A Activity 2014

Closing Completed for Philly Tankers Transaction

Reference is made to the announcement on 10 June 2014 by Aker Philadelphia

Shipyard ASA (OSE: AKPS) with respect to the establishment of Philly Tankers, a

pure play Jones Act shipping company. As disclosed in the June 10(th)

announcement, Philly Tankers had successfully secured equity commitments

necessary to finance the purchase of two product tankers from AKPS with

deliveries in 2016 and 2017 (the "Transaction"), and closing of the Transaction

had been expected to occur in mid-July. As planned, the conditions precedent to

the closing of the Transaction, including the execution and delivery of

satisfactory definitive documentation and the approval by the general meeting of

American Shipping Company of its participation in the Transaction, have been

satisfied and the Transaction is now closed. In connection with the

Transaction, AKPS and Philly Tankers, through their subsidiaries, have entered

into firm contracts for two eco-design product tanker newbuilds and options for

two additional vessels of the same type, as more particularly described in the

June 10(th) announcement.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1821130]

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