Aker Philadelphia Shipyard Crane Incident Update

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 today.

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.