Philly Shipyard - Share Issue/Capital Change 2014

Aker Philadelphia Shipyard : AKPS - PRIMARY INSIDER DISCLOSURE

Converto Capital Fund AS ("CCF"), a subsidiary of Aker ASA, has:

* entered into an agreement with Aker Philadelphia Shipyard ASA ("AKPS") to

undertake to vote in favour of the contemplated share capital increase of

AKPS, comprising of an equity raise of NOK 371 million (equivalent to

approximately USD 60 million) (the "Private Placement") and a subsequent

offering to those shareholders of AKPS that did not participate in the

Private Placement (the "Subsequent Offering") at an extraordinary general

meeting of the Company; and

* entered into a share lending agreement with Pareto Securities AS and AKPS

where CCF has agreed to lend out 2,250,000 shares in AKPS, already listed on

Oslo Axess, to Pareto Securities AS, to facilitate delivery-versus-payment

and delivery of already listed shares to the subscribers in the Private

Placement following the extraordinary general meeting.

Completion of the Private Placement and the Subsequent Offering is as previously

announced by AKPS subject to approval by the shareholders of AKPS at an upcoming

extraordinary general meeting.

CCF currently owns 7,237,631 shares in AKPS. Upon approval of the Private

Placement and the Subsequent Offering at the Extraordinary General Meeting, CCF

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).

Audun Stensvold, Investment Director of Aker ASA, is a board member of AKPS.

***

The information contained herein is subject to the disclosure requirements of

section 4-2 of the Norwegian Securities Trading Act.

[HUG#1755356]

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