Aker Philadelphia Shipyard to Build Two 3,600 TEU Containerships for Matson Navigation

  Aker Philadelphia Shipyard to Build Two 3,600 TEU Containerships for Matson

Business Wire

PHILADELPHIA -- November 6, 2013

Aker Philadelphia Shipyard ASA (Oslo: AKPS) announces that its wholly-owned
U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has been selected by
Matson Navigation Company (Matson) to construct two 3,600 TEU containerships.
Firm contracts are in place for the two vessels with a total value of $418
million. The vessels will be delivered in Q3 and Q4 2018 and will not require
additional financing by APSI.

The 850 foot long vessels will be the largest Jones Act containerships ever
constructed and will be utilized in Matson’s service from the U.S. West Coast
to Hawaii. The vessels are capable of carrying a variety of container sizes
and are able to operate at speeds in excess of 23 knots. The vessels will be
built with dual fuel engines and will be ready for conversion to LNG

“We have a proven track record of building containerships and are greatly
looking forward to being partnered with Matson again,” said Kristian Rokke,
Aker Philadelphia Shipyard President and CEO. APSI previously delivered four
containerships to Matson between 2003 and 2006.

Matt Cox, Matson President and CEO, remarked, “Matson has been very pleased
with the performance and operating efficiencies of the four containerships
built for Matson by Aker. We’re confident Aker will once again deliver quality
ships for Matson.”

Rokke continued, “The planned delivery dates for these new containerships
allow APSI to continue to capitalize on tight oil opportunities by
constructing eight product tankers between 2015 and 2017 while still
positioning the shipyard for the renewal of the Jones Act container fleet. The
winning of this order provides the shipyard significant backlog and valuable
visibility out 2018, which is positive for our shareholders and other
stakeholders as we expect to use this opportunity to further strengthen our
competitive position.”

APSI is currently constructing two 115,000 dwt crude oil carriers for SeaRiver
Maritime, Inc., Exxon Mobil Corporation’s U.S. marine affiliate. Both of these
crude oil tankers are scheduled for delivery in 2014. Pursuant to the joint
venture announced on August 9, APSI also has contracts for the construction of
product tankers with 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 listed on the Oslo Stock Exchange and is 71.2
percent owned by Converto Capital Fund, which in turn is majority-owned by
Aker ASA. Aker is a Norwegian industrial investment company that creates value
through active ownership. Aker's investment portfolio is concentrated on key
Norwegian industries that are international in scope: oil and gas, fisheries
and biotechnology, and marine assets. Aker's industrial holdings comprise
ownership interests in Aker Solutions, Kvaerner, Det norske oljeselskap, Aker
BioMarine, Ocean Yield and Havfisk.


Aker Philadelphia Shipyard ASA
Kelly Whitaker, +1 215-875-2640
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