Kristian Rokke to step down as Aker Philly CEO

Kristian Rokke Kristian Rokke

MARCH 19, 2014 — Aker Philadelphia Shipyard ASA (Oslo: AKPS) announces that Kristian Rokke, AKPS's President and CEO, has been nominated to be Executive Chairman of the Board of Directors of AKPS. This nomination is expected to be approved at the Company's Annual General Meeting on April 9, 2014. Steinar Nerbovik, who is currently Senior Vice President of Operations of Aker Philadelphia Shipyard, Inc., AKPS's wholly-owned subsidiary (APSI), will assume the position of Managing Director of both AKPS and APSI.

As Executive Chairman, Mr. Rokke will continue to have an active role in AKPS's activities and plans to remain full-time in Philadelphia, PA until the end of 2014. At the end of this transition period, Mr. Rokke will become Chairman of the Board of Directors of AKPS with customary responsibilities and assume another position within the Aker group.

Mr. Rokke remarked, "Serving as CEO has been an honor and I look forward to contributing to the growth of AKPS in a new role. The company is embarking on a new era and Steinar, with his international shipbuilding experience and intimate knowledge of APSI, is uniquely qualified to guide the shipyard through its record backlog." Mr. Rokke continued, "The market continues to be strong and I will focus primarily on maximizing the opportunities surrounding our available slots and shipping assets, while Steinar will manage the day-to-day operations as he has for the past year."

The other individuals joining Mr. Rokke on the Board of Directors are expected to be Audun Stensvold, Amy Humphreys and Elin Karfjell. Mr. Stensvold and Ms. Humphreys have been recommended by the Nomination Committee of AKPS for re- election at the next Annual General Meeting. Ms. Karfjell's current term does not expire until 2015. Jim Miller, who has served as Board Chairman since 2011, and Manuel Stamatakis, who has served on the Board since 2011, will withdraw from the Board.

"Jim has been instrumental in the development of AKPS over many years. He is a leader of the highest-caliber and I would like to thank him for all that he has done for the organization," said Mr. Rokke. Regarding Mr. Stamatakis, Mr. Rokke commented, "Manny has been a staunch supporter of the shipyard from its inception and has worked diligently with us during both good and challenging times. We look forward to continuing to work together to support manufacturing jobs in Philadelphia and the Commonwealth of Pennsylvania."

Steinar Nerbovik (b. 1961) was appointed SVP Operations in 2013. Prior to this, Mr. Nerbovik served as SVP Yard Director for Norwegian Shipyard VARD Langsten (former Aker Yards and STX OSV Langsten), a leading provider of sophisticated offshore support vessels. Mr. Nerbovik first joined Aker Philadelphia Shipyard in 2003 as Vice President Projects. Mr. Nerbovik has held other management positions as combined Design Manager and Project Manager at Aker Langsten from 1991 - 2003. Mr. Nerbovik holds a Master of Science in Ship Naval Engineering from the Norwegian Institute of Technology (NTNU) in Trondheim. Mr. Nerbovik lives in Philadelphia, PA, USA. Mr. Nerbovik is a Norwegian citizen. As of February 1, 2014, Mr. Nerbovik holds 1,000 shares in the company and has no stock options.

Mr. Rokke (b. 1983) was appointed President & CEO of Aker Philadelphia Shipyard in April 2011. Mr. Rokke joined AKPS in 2007 and has held various roles, including SVP Operations and Senior Shop Manager. Mr. Rokke has experience from offshore service and shipbuilding from several companies in the Aker group. Mr. Rokke is a Board Member of TRG Holding AS which owns 66.7% of Aker ASA. Mr. Rokke lives in Philadelphia, PA, and is currently earning his MBA at The Wharton School, which will be completed in May 2014. Mr. Rokke is both a Norwegian and United States citizen. As of February 1, 2014, Mr. Rokke holds zero shares in the company and has no stock options.