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Aker Philadelphia Shipyard Starts Construction of Second Aframax Tanker for SeaRiver Maritime, Inc.

  Aker Philadelphia Shipyard Starts Construction of Second Aframax Tanker for
  SeaRiver Maritime, Inc.

Business Wire

PHILADELPHIA -- December 19, 2012

Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of Aker
Philadelphia Shipyard ASA (Oslo: AKPS), began production activities today on
the second of two Aframax tankers that it is building for SeaRiver Maritime,
Inc. (SeaRiver), Exxon Mobil Corporation’s U.S. marine affiliate. The
construction of the two tankers, valued at $400 million, will create more than
1,000 jobs.

A small ceremony was held in the shipyard’s Fabrication Shop to commence
cutting on the ship’s first steel plate. These plates will become part of the
double hull of the tanker that protects the cargo tanks. When completed in
2014, the vessels will be 820 feet long and be capable of carrying 115,000
tons of crude oil. The tankers are intended to be used to transport Alaskan
North Slope crude oil from Prince William Sound to the U.S. West Coast.

In addition to the two Aframax tankers for SeaRiver, Aker Philadelphia
Shipyard is also currently constructing one 46,000 deadweight ton product
tanker for delivery in early 2013 to Crowley. For more information on the
shipyard, please visit www.akerphiladelphia.com.

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 a member of the Norwegian-based Aker family of
global companies, leaders in global growth markets including energy
technologies, energy resources, maritime technologies, seafood and marine
biotechnology.

Contact:

Aker Philadelphia Shipyard, Inc.
Kelly Whitaker, +1 215 875 2640
kelly.whitaker@phillyshipyard.com