Philly Shipyard - Share Issue/Capital Change 2014

Aker Philadelphia Shipyard : Private Placement - New Share Capital Registered

Reference is made to previous announcements by Aker Philadelphia Shipyard ASA

(Trading symbol: AKPS) (the "Company") in respect of the private placement (the

"Private Placement") of a total of 2,250,000 new shares for gross proceeds of

NOK 371 million, or approximately USD 60 million.

Delivery of the shares allocated in the Private Placement is, in order to

facilitate delivery-versus-payment and delivery of already listed shares, made

by delivery of existing and unencumbered shares in the Company, pursuant to a

share lending agreement entered into between the Company, Pareto Securities AS

and Converto Capital Fund AS.

The share capital increase pertaining to the new shares issued through the

Private Placement were today registered with the Norwegian Registry of Business

Enterprises (Nw. Foretaksregisteret). After the registration, the registered

share capital of AMSC is NOK 124,153,050 comprising of 12,415,305 shares, each

with a par value of NOK 10.00. The shares issued in the share capital increase

will be delivered to Converto Capital Fund AS ("Converto") as return of the

borrowed shares in connection with the settlement of the Private Placement.

The new shares to be delivered to Converto will be registered on a separate non-

tradable ISIN with the VPS under ISIN NO 001 0704174 in anticipation of the

approval of a listing prospectus. The Company expects the prospectus to be

approved in the beginning of March, upon which time the new shares will be

assumed on the ordinary ISIN of the Company's shares, ISIN NO 001 0187032, and

be tradable on Oslo Axess under the Company's trading symbol "AKPS".

Pareto Securities has acted as Sole Lead Manager in connection with the Private

Placement.

***

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1762168]

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