Kristian Røkke to take helm at Aker Philadelphia Shipyard

Kristian Røkke has been appointed President and CEO of Aker Philadelphia Shipyard ASA (AKPS). As CEO, Mr. Røkke, who is the son of Aker ASA Chairman Kjell Inge Røkke, will “lead the transitioning of the yard to win orders for new Jones Act vessels, particularly in the containership, dry cargo, and barge markets which are expected to be key future markets,” says an Oslo Stock Exchange announcement.

Kristian Røkke replaces Jim Miller who has been appointed Executive Vice President of Aker Contractors’ U.S. Onshore Engineering & Construction business and member of Aker Contractors’ new Executive Management Team. Mr. Miller has been nominated for the position as Chairman of the Board at Aker Philadelphia Shipyard.

Mr. Røkke will take over as President and CEO of the Yard effective April 5, 2011. Mr. Røkke is currently the Senior Vice President of Operations at Aker Philadelphia Shipyard and has been in key operating positions at the facility for the last  four years.

“Kristian Røkke has been instrumental in the successful construction and delivery of the 12 product tanker series,” says Mr. Miller. “We know each other well and we will work together to ensure a smooth transition. Kristian has shown remarkable progress and results in all positions he has held at the yard. I congratulate him and have high expectations for his ability to ensure the future success of Aker Philadelphia Shipyard.”

“I am looking forward to working together with the strong management team at Aker Philadelphia Shipyard and the Philadelphia Metal Trades Council to meet the challenges going forward. The yard has excellent production facilities and a highly skilled work force with the proven productivity and flexibility to take on new projects”, Mr. Røkke says.

Chairman of the Board, Mr. Karl Erik Kjelstad has informed the nomination committee that he would like to resign from the board at the upcoming annual general meeting due to other commitments. Mr. Kjelstad has been involved with the shipyard since Aker became an active owner in 2001. He has been a board member since 2002 and Chairman of the Board since 2004. Mr. Kjelstad has during his 10 years tenure been instrumental in the shipyard’s evolution and success.

The Aker Philadelphia Shipyard Nomination Committee will be recommending to the shareholders of Aker Philadelphia Shipyard that Mr. Jim Miller replaces Mr. Karl Erik Kjelstad as Chairman of the Board at the annual general meeting on April 5, 2011. From his new position as Chairman of the Board, Mr. Miller will continue to actively be a part of the business going forward.

“I am confident that these changes will continue to advance Aker Philadelphia Shipyard’s goals and objectives and I believe that Kristian Røkke in his new position as CEO together with his management team will continue to deliver strong results and by that secure a sustainable shipbuilding business in Philadelphia”, says Karl Erik Kjelstad. “I would also like to thank Jim Miller and his team for the strong performance over the past few years which has been extraordinary for all of us considering the challenges in the marketplace and the US economy”, Kjelstad says.

Kristian Røkke joined Aker Philadelphia Shipyard in May 2007. Mr. Røkke took the position as Senior Shop Manager responsible for prefabrication, section assembly and shop outfitting in 2008. In May 2010 Mr. Røkke was promoted to SVP Operations and a part of the executive management team. He has experience from offshore service and shipbuilding from several companies in the Aker group. In 2006- 2007, he participated in Aker Solution’s International Trainee Program, working for Aker Solutions Subsea in Malaysia. Mr. Røkke has studied economics and mathematics at Colby College, London School of Economics and Political Science and at the Norwegian School of Management.

March 24, 2011