Aker Philadelphia Shipyard Delivers Second Aframax Tanker, Eagle Bay, to SeaRiver Maritime

Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), has delivered its second Aframax tanker to SeaRiver Maritime, Inc. (SeaRiver), Exxon Mobil Corporation’s U.S. marine affiliate. The 820 foot long, 115,000 deadweight ton tanker was delivered within the timeframe most recently reported by AKPS and will transport up to 800,000 barrels of Alaskan North Slope crude oil from Prince William Sound, Alaska to the U.S. West Coast. The vessel is equipped with double hull protection, the latest navigation and communications equipment, and an energy efficient engine.

"Delivery of this vessel marks the conclusion of a successful project that has transformed our company for the better. We are proud of the Eagle Bay and are confident that she will serve the SeaRiver organization well over the decades to come. On behalf of the 1,100 men and women of APSI, I would like to extend our gratitude to SeaRiver for the opportunity to serve their newbuild needs and for what has been a productive partnership,” said Steinar Nerbovik, APSI’s President and CEO.

APSI delivered its first Aframax Tanker, the Liberty Bay, to SeaRiver in 2014 and it is successfully serving SeaRiver in their Alaskan trade. APSI is currently building four 50,000 dwt product tankers for Crowley. In addition the company has contracts for two 50,000 dwt product tankers for Philly Tankers LLC and two 3,600 TEU containerships for Matson Navigation, with deliveries in 2018. For more information on the shipyard, please visit www.akerphiladelphia.com.

Aker Philadelphia 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. Aker Philadelphia Shipyard is listed on the Oslo Stock Exchange and is majority-owned by Converto Capital Fund, which in turn is majority-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, Det norske oljeselskap, Aker BioMarine, Ocean Yield and Havfisk.