Philly Shipyard — Share Issue/Capital Change 2014

Jan 17, 2014

Aker Philadelphia Shipyard : AKER PHILADELPHIA SHIPYARD USD 60 MILLION PRIVATE PLACEMENT FULLY SUBSCRIBED

Aker Philadelphia Shipyard : AKER PHILADELPHIA SHIPYARD USD 60 MILLION PRIVATE PLACEMENT FULLY SUBSCRIBED

Aker Philadelphia Shipyard ASA (OSLO AKPS) is pleased to announce that it has

completed a private placement of USD 60 million, or 2.25 million shares at an

issue price of NOK 165 per share, in a book building process directed primarily

towards U.S. institutional investors. The share issue was substantially over-

subscribed.

The CEO of Aker Philadelphia Shipyard, Kristian Røkke, commented: "We appreciate

the strong interest shown in AKPS and are pleased to have strengthened our

balance sheet in a way that gives flexibility to capitalize on attractive

opportunities in the Jones Act."

The Private Placement will increase the Company's financial flexibility, and the

net proceeds will be used to provide for near-term funding of the tankers being

built in partnership with Crowley, fund the equity investment in these vessels

and other potential joint venture vessels, and provide for general corporate

purposes.

At the issue price, the market capitalization would increase from NOK 1,677

million to NOK 2,049 million, thereby increasing free float and liquidity in the

share to the benefit of the Company's shareholders. The equity issue is subject

to approval by an Extraordinary General Meeting, expected to be held on or about

7 February, 2014. The Board intends to carry out a subsequent offering of up to

337,000 shares, or fifteen percent (15%) of the completed private placement, in

order to offer shares to existing shareholders that did not participate in the

private placement.

Converto Capital Fund AS currently owns 7,237,631 shares in the Company. Upon

approval of the equity issue at the Extraordinary General Meeting, Converto

Capital Fund AS will own the same number of shares as it owns today and those

shares will represent 58.3% of the outstanding shares (after giving effect to

the completion of the private placement, but not the subsequent offering).

For further details of the transaction, please see the stock exchange notice

"AKPS Equity Raising - Transaction Details" distributed separately today.

Pareto Securities has acted as Sole Manager in the private placement.

Advokatfirmaet BA-HR DA has acted as legal adviser to AKPS in connection with

the private placement.

Please see the attached Company presentation for more information.

For further information, please contact:

Aker Philadelphia Shipyard ASA

Kristian Røkke, CEO

Philadelphia, PA, USA

Tel: +1 215 875 2745

Jeff Theisen, CFO

Philadelphia, PA, USA

Tel: +1 215 875 2678

Important Information About this Release

This information is subject to disclosure under the Norwegian Securities Act,

Section 5-12.

This announcement is not and does not form a part of any offer for sale of any

securities. Not for release, publication or distribution, directly or

indirectly, in the United States, or any other jurisdiction in which such

distribution would be unlawful or would require registration or other measures.

These materials are not an offer for sale of securities in any jurisdiction.

Securities may not be sold in the United States absent registration with the

United States Securities and Exchange Commission or an exemption from

registration under the U.S. Securities Act of 1933, as amended (the "Securities

Act"). Aker Philadelphia Shipyard ASA does not intend to register of its

securities in the United States.

This release includes and is based, inter alia, on forward-looking information

and statements that are subject to risks and uncertainties that could cause

actual results to differ. Such forward-looking information and statements are

based on current expectations, estimates and projections about global economic

conditions, the economic conditions of the regions and industries that are major

markets for Aker Philadelphia Shipyard ASA and its subsidiaries and affiliates

(the "Aker Philadelphia Shipyard Group") lines of business. These expectations,

estimates, and projections are generally identifiable by statements containing

words such as "expects", "believes", "estimates" or similar expressions.

Important factors that could cause actual results to differ materially from

those expectations include, among others, economic and market conditions in the

geographic areas and industries that are or will be major markets for the Aker

Philadelphia Shipyard Group's businesses, oil prices, market acceptance of new

products and services, changes in governmental regulations, interest rates,

fluctuations in currency exchange rates and such other factors as may be

discussed from time to time. Although Aker Philadelphia Shipyard ASA believes

that its expectations and the information in this press release were based upon

reasonable assumptions at the time when they were made, it can give no assurance

that those expectations will be achieved or that the actual results will be as

set out in this press release. Neither Aker Philadelphia Shipyard ASA nor any

other company within the Aker Philadelphia Shipyard Group is making any

representation or warranty, expressed or implied, as to the accuracy,

reliability or completeness of the information in the press release, and neither

Aker Philadelphia Shipyard ASA, any other company within the Aker Philadelphia

Shipyard Group nor any of their directors, officers or employees will have any

liability to you or any other persons resulting from your use of the information

in the press release.

Aker Philadelphia Shipyard ASA undertakes no obligation to publicly update or

revise any forward-looking information or statements in the press release, other

than what is required by law.

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