Nerbovik now Aker Philly President and CEO

Steinar Nerbovik Steinar Nerbovik

NOVEMBER 5, 2014 — Aker Philadelphia Shipyard ASA (Oslo: AKPS) today released  third quarter results (read them here) and reported that its Board of Directors has appointed Steinar Nerbovik as President and CEO of Aker Philadelphia Shipyard ASA effective today. Mr. Nerbovik has served as the company's Managing Director for the past seven months and was previously the company's Senior Vice President of Operations. Kristian Rokke will continue as Chairman of the Board, but in a non-executive capacity. These changes are in line with transition plans announced in March.

"Today's announcement is mostly a formality given Steinar's prominent role at the Company since 2013 and follows the plan set earlier this year, but nonetheless, it is an important milestone for AKPS," said Mr. Rokke. "Steinar is a proven leader with exceptional shipbuilding know-how and I am confident that he will accelerate the company's pace of progress along with the management team."

"The shipyard is in a robust position right now with an order book through 2018," remarked Mr. Nerbovik. "Kristian is a well-respected leader who paved the way for a strong future at AKPS and my main focus will be to capitalize on these opportunities in addition to creating new ones. I look forward to working with all of our stakeholders to deliver on our commitments."

The company's Board of Directors remains unchanged and consists of Kristian Rokke, Audun Stensvold, Elin Karfjell, and Amy Humphreys.

Biographies: Steinar Nerbovik (b. 1961) was appointed SVP Operations in June 2013 and has served as the Company's Managing Director since April 2014. 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 November 5, 2014, Mr. Nerbovik holds 1,000 shares in the company and has no stock options.

Kristian Rokke (b. 1983) is currently the Chairman of Aker Philadelphia Shipyard. He has previously served as SVP Operations and President & CEO of AKPS. Mr. Rokke has experience in 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, in addition to being a Board Member of Philly Tankers AS. Mr. Rokke holds an MBA from The Wharton School, University of Pennsylvania. Mr. Rokke is both a Norwegian and United States citizen. As of 5 November 2014, Mr. Rokke holds zero shares in the company and has no stock options.

He is also, of course, the son of Kjell Inge Røkke.

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