Philly Shipyard Delivers Third Product Tanker to Kinder Morgan

Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), today delivered the American Liberty, the third of four next generation 50,000 dwt product tankers that it is building for American Petroleum Tankers (APT), a subsidiary of Kinder Morgan, Inc.

This delivery is the 27^th vessel built by PSI (formerly known as Aker Philadelphia Shipyard, Inc.). The next generation 50,000 dwt product tanker is based on a proven Hyundai Mipo Dockyards (HMD) design that also incorporates numerous fuel efficiency features, flexible cargo capability, and the latest regulatory requirements. The vessel has also received LNG Ready Level 1 approval from the American Bureau of Shipping (ABS). The 600-foot tanker has a carrying capacity of 14.5 million gallons of crude oil or refined products.

"We are proud to deliver another quality vessel to American Petroleum Tankers,” remarked Steinar Nerbovik, Philly Shipyard’s President and CEO. "This vessel is delivered on time, the hallmark of great shipbuilding that our customers depend on. As we celebrate this achievement and say farewell to the American Liberty, we wish the crew a safe and successful voyage beyond our shipyard here in Philadelphia.”

The shipyard has delivered 27 vessels in its nearly twenty year history. Currently, the shipyard has one additional 50,000 dwt tanker for APT and two 3,600 TEU containerships for Matson Navigation Company, Inc. under construction. In addition, Philly Shipyard has initiated construction of up to four 3,700 TEU containerships for its own account and has signed a letter of intent with a leading Jones Act operator concerning a firm order for the first pair of these vessels with options for the second pair of these vessels. For more information on Philly Shipyard transactions and projects, please visit www.phillyshipyard.com.

About Philly Shipyard:

Philly 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. Philly Shipyard is listed on the Oslo Stock Exchange and is majority-owned by Aker Capital AS, which in turn is wholly-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, Aker BP, Aker BioMarine, Ocean Yield and Akastor.

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