Aker Philadelphia Shipyard Starts Construction of First Product Tanker for Joint Venture with Crowley

  Aker Philadelphia Shipyard Starts Construction of First Product Tanker for
  Joint Venture with Crowley

Business Wire

PHILADELPHIA -- January 6, 2014

Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S. subsidiary of
Aker Philadelphia Shipyard ASA (Oslo: AKPS), began production activities today
on the first product tanker that it is building for its joint venture with
Crowley. Crowley and APSI have signed contracts for the first four tankers,
with a total contract value of approximately $500 million.

A small ceremony with representatives from Crowley and APSI was held in the
shipyard’s Fabrication Shop to commence cutting on the ship’s first steel
plate. That plate will become part of the double hull of the tanker that
protects the cargo tanks. When completed in 2015, the vessel will be 600 feet
long and be capable of carrying 50,000 tons of crude oil or refined petroleum
products.

APSI President and CEO, Kristian Rokke, remarked, “We are excited to partner
with Crowley to provide safe and reliable long term transportation options for
the growing U.S. petroleum market. APSI has a strong history of building
similar product tankers that are each playing a fundamental role in moving our
nation’s energy today.” Mr. Rokke continued, “The cutting of this plate today
is a tangible sign of the work that has been done to deliver on our
commitments to customers and shareholders as we leverage our unique position
to build these valuable assets.”

The new 50,000 dwt product tankers are based on a proven Hyundai Mipo
Dockyards (HMD) design which incorporates numerous fuel efficiency features,
flexible cargo capability, and the latest regulatory requirements. The vessels
will be constructed with consideration for the use of LNG for propulsion in
the future.

APSI is currently constructing two 115,000 dwt crude oil tankers for SeaRiver
Maritime, Inc., ExxonMobil Corporation’s U.S. marine affiliate. Both of these
tankers are scheduled for delivery in 2014. APSI also has contracts for two
3,600 TEU containerships for Matson Navigation which will be delivered in
2018. 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.

Contact:

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