Philly Shipyard — Regulatory Filings 2015

Oct 1, 2015

Aker Philadelphia Shipyard Delivers First Next Generation Product Tanker to Crowley

Aker Philadelphia Shipyard Delivers First Next Generation Product Tanker to Crowley

Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of Aker

Philadelphia Shipyard ASA (Oslo: AKPS), yesterday delivered the Ohio, the first

of four next generation 50,000 dwt product tankers that it is building for

Crowley Maritime Corporation (Crowley). The 600-foot tanker has a carrying

capacity of 14.5 million gallons of crude oil or refined products. In line with

the announcement made by AKPS on September 22, 2015, at delivery of the Ohio,

APSI sold its interest in the APSI-Crowley joint venture with respect to that

vessel to a subsidiary of Marathon Petroleum Corporation (MPC).

This delivery is the 21(st) vessel built by APSI and marks the first time a

product tanker was constructed at the shipyard with consideration for the use of

LNG for propulsion in the future. The next generation 50,000 dwt product tanker

is based on a proven Hyundai Mipo Dockyards (HMD) design that also incorporates

numerous fuel efficiency features, flexible cargo capability, and the latest

regulatory requirements.

"We are proud to have Crowley as a repeat customer at the shipyard and to

deliver another quality tanker to them. This vessel continues our strong history

of building ships here in Philadelphia." remarked APSI's President and CEO

Steinar Nerbovik.

"We are excited to offer our customers cutting-edge technology available in

these new tankers, which not only embraces operational excellence and top

safety, but also offers the potential to be powered by environmentally friendly

LNG in the future," said Crowley's Rob Grune, Senior Vice President and General

Manager, Petroleum and Chemical Transportation. "Adding these new Jones Act

tankers to our fleet allows us to continue providing our customers with diverse

and modern equipment to transport their petroleum and chemical products in a

safe and reliable manner."

The remaining three product tankers for Crowley are currently under construction

and have planned deliveries through 2016.  APSI has also started construction of

the first two of four additional 50,000 dwt tankers for a subsidiary of Kinder

Morgan, Inc., which are planned to be delivered between November 2016 and

November 2017. The shipyard also has contracts for two 3,600 TEU containerships

for Matson Navigation Company, Inc., which are planned to be delivered in 2018.

On July 16, 2015, the company announced that it intends to change its name to

Philly Shipyard by the end of the year, pending shareholder approval. For more

information on the shipyard, please visit www.akerphiladelphia.com.

About Aker Philadelphia Shipyard:

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, Havfisk and Akastor.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1955913]