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Marine Log

May 27, 2008

New President & CEO for Aker Philadelphia

Aker Philadelphia Shipyard ASA (AKPS) announced today that President & CEO Dave Meehan will be transferring within the Aker Group and returning to Aker Solutions, Process & Construction business area where he will take on an executive position.

He will be succeeded by Jim Miller, who recently celebrated his 30th year with Aker (24 of those in an executive capacity) and who is departing his current position as Senior Vice President and Deputy Executive Vice President for the Process & Construction business area of Aker Solutions. He was also the Country Manager for all of Aker Solutions in the U.S. during the past year.

Aker Solutions is the former Aker Kvaerner.

Miller will take up the post as President & CEO at Aker Philadelphia Shipyard beginning June 30, 2008.

Meehan has served as President & CEO of Aker Philadelphia Shipyard from 2003 and has been working in Aker group companies since 1979.

"I would like to thank Dave Meehan for his strong contribution in developing AKPS during his tenure as President & CEO," says Karl Erik Kjelstad, Chairman of Aker Philadelphia Shipyard. Since Dave took charge in October 2003, we have seen a remarkable improvement in our productivity and ability to build quality ships delivered on time. Today we are the leading commercial shipyard in the U.S. Jones Act segment."

"Dave arrived at the yard only a month after our first ship was delivered, a ship that took three years to build," noted Kjelstad. "This compares to 2007 which saw Dave and his team deliver three vessels in one year, demonstrating the tremendous progress we have made. In the last couple of years, improving productivity and driving internal improvement programs has been a major focus area at AKPS. Dave Meehan has led the yard through a challenging change process and at the same time saw an additional seven new build vessels delivered to the Jones Act market."

"I truly appreciate the great opportunities presented to me at AKPS and will always cherish my time here, the friendships I have forged, and the accomplishments we have achieved," said Meehan." I have especially enjoyed working with a great team both within the yard and in the community. While it has been very challenging, it has also been great fun with never a dull moment. After close to five years at AKPS, I'm now looking forward to new and even greater challenges and related opportunities within the group."

"I congratulate Jim Miller on his new appointment," said Meehan. "Jim and I have known each other for more than 15 years, and we will work together to ensure a smooth transition. Jim's leadership will surely make this very good company a great company, and is certainly a positive step forward for Aker Philadelphia Shipyard." Meehan said.

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