Philly Shipyard — Regulatory Filings 2015

Jul 16, 2015

Aker Philadelphia Shipyard Announces Name Change to Philly Shipyard

Aker Philadelphia Shipyard Announces Name Change to Philly Shipyard

Aker Philadelphia Shipyard ASA (OSLO: AKPS) announces its plan to change its

name to Philly Shipyard ASA, pending an upcoming shareholder vote at an

extraordinary general meeting expected to take place in October 2015. Aker

Philadelphia Shipyard, Inc. (APSI) will likewise change its name to Philly

Shipyard, Inc.

"Changing our name to Philly Shipyard more accurately reflects the shipyard we

have become in recent years," remarked Steinar Nerbovik, Aker Philadelphia

Shipyard's President and CEO. "We have delivered on our promises and stand

firmly on our own two feet as a company. The new name also represents the proud

tradition of shipbuilding in Philly and the City with which we are so intimately

linked."

The name change coincides with the announcement of Aker Philadelphia Shipyard's

plan to divest its portfolio of shipping assets, streamlining the business and

drawing an end to a successful build-up of investments as a partial owner in

eight Jones Act product tankers with an approximate contract value of USD 1

billion.

Kristian Rokke, Aker Philadelphia Shipyard's Chairman, remarked "The planned

divestment of our shipping assets will show that we have created significant

shareholder value and will greatly focus the business going forward. While we

will remain opportunistic in our investment approach, the name change comes at a

natural time and will better illustrate how the shipyard connects with its

stakeholders as a strong, stand-alone, Philadelphia-based company."

The company intends to change the ticker symbol AKPS and expects that, pending

shareholder approval, the name change will be complete by the end of the year.

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#1939201]