Aker Philadelphia Shipyard Crane Incident Update

  Aker Philadelphia Shipyard Crane Incident Update

Business Wire

PHILADELPHIA -- February 12, 2014

Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S. subsidiary of
Aker Philadelphia Shipyard ASA (AKPS), releases the following update regarding
an incident that occurred early this morning at its facility. This update is
being provided to correct numerous factually incorrect news reports released

At approximately 6:50am, maintenance was being performed on the shipyard’s
gantry crane when an electrical fault occurred. Following protocol, NAVSES and
the Philadelphia Fire Department responded. One employee, who is now in stable
condition, was injured and transported to an area hospital for treatment. No
one else was injured and no individuals were trapped.

The incident is under investigation by APSI’s Safety and Maintenance
departments. Damages to the crane will be evaluated as part of the
investigation, but are not expected to require significant repair. APSI’s
projects are not expected to be materially impacted by the incident and
overall operations are continuing without interruption.

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 58.3
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, Inc.
Kelly Whitaker, +1-215-875-2640
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