Philly Shipyard - Share Issue/Capital Change 2014

Aker Philadelphia Shipyard : Result of Subsequent Offering

AKPS: RESULT OF SUBSEQUENT OFFERING

Reference is made to the stock exchange notice of March 10, 2014 by Aker

Philadelphia Shipyard ASA (Trading symbol: AKPS) (the "Company") in respect of

its subsequent offering of up to 337,000 new shares in the Company for gross

proceeds of up to approximately NOK 55.6 million (or approximately USD 9

million) (the " Subsequent Offering").

Final counting shows that there have been exercised subscription rights for

159,461 new shares in the Subsequent Offering, with gross proceeds of NOK

26,311,065 (or approximately USD 4.4 million). The Subsequent Offering was not

expected to be fully subscribed due to restrictions imposed by securities laws

outside of Norway.

Allocation letters will today be sent to subscribers who have been

allocated new shares, giving notification of the allocated new shares

and the corresponding subscription amount to be paid by each subscriber.

Payment for the allocated shares falls due on March 24, 2014 in accordance with

the payment procedures described in the Company's prospectus dated March

7, 2014.

Subject to full payment being received, the share capital increase relating to

the Subsequent Offering is expected to be registered with the Norwegian Register

of Business Enterprises (Nw. Foretaksregisteret) on March 26, 2014 following

which the new shares are expected to be delivered to the investors' VPS accounts

on or about March 27, 2014.

The new shares issued through the Subsequent Offering will assume ISIN NO

0010395577 with the VPS and be traded on Oslo Axess under the Company's trading

symbol "AKPS". This is expected to occur on or about March 27, 2014.

Pareto Securities has acted as sole lead manager in the Subsequent Offering.

***

The information contained herein is subject to the disclosure requirements of

section 4-2 of the Norwegian Securities Trading Act.

[HUG#1770300]

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