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2015-09-22

Aker Philadelphia Shipyard: Aker Philadelphia Shipyard Agrees to Sell its Interest in Product Tanker Joint Venture to Marathon Petroleum

Aker Philadelphia Shipyard ASA (OSLO: AKPS) announced today that its
wholly-owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has
entered into definitive agreements with a subsidiary of Marathon Petroleum
Corporation (MPC) for the buy-out of APSI's interest in its joint venture
with Crowley Maritime Corporation (Crowley) related to the operation and
chartering of four 50,000 dwt product tankers. The transaction is based on an
enterprise value of $150 million per vessel.

The buy-out of APSI's interest in the APSI-Crowley joint venture with respect
to each vessel will occur at its delivery from APSI. The deliveries of all
four vessels are expected to occur from Q3 2015 to Q3 2016. APSI expects to
recognize a pre-tax gain of approximately $10 million per vessel from the
transaction. APSI will make an investment in the vessels during their
construction, but will no longer maintain the previously planned long-term
investment in the vessels post-delivery, which was expected to be
approximately $110 million in the aggregate.

"This transaction is an important part of AKPS's plan to divest its shipping
investments and realize the value created for shareholders," remarked
Kristian Rokke, Chairman of AKPS. "We are proud of what we have accomplished
together with Crowley under the joint-venture and look forward to serving
both Crowley and Marathon Petroleum as shipbuilders into the future."

All four of the vessels subject to the transaction are under construction.
APSI has also begun construction of the first two of four additional 50,000
dwt tankers for a subsidiary of Kinder Morgan, Inc., which are planned to be
delivered between November 2016 and November 2017. The shipyard also has
contracts for two 3,600 TEU containerships for Matson Navigation Company,
Inc., which are planned to be delivered in 2018. On July 16, 2015, the
company announced that it intends to change its name to Philly Shipyard by
the end of the year, pending shareholder approval. For more information on
the shipyard, please visitwww.akerphiladelphia.com.

About Aker Philadelphia Shipyard:
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 majority-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, Havfisk and Akastor.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Aker Philadelphia Shipyard via Globenewswire

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