July 11, 2005

Aker American lists on Oslo Stock Exchange

Aker American Shipping,was listed on the Oslo Stock Exchange today with the ticker symbol AKASA.

This followed the private placement, completed June30. Prior to today's listing, the company had a total of 143 shareholders and an estimated market value of NOK 1.8 billion (US $275 million).

Aker American Shipping ASA will, through wholly owned U.S. subsidiaries, build, own and bare boat charter vessels to U.S. vessel operators in accordance with U.S. coastwise laws (The Jones Act). The vessels will be constructed at Kvaerner Philadelphia Shipyard (KPSI) in Philadelphia.

Having acquired Kvaerner ASA`s share, the company's major shareholder is now Aker ASA.

Aker will own a minimum of 53.4 percent when a planned secondary sale is completed. Aker American Shipping is the fourth listed company in the Aker group.

"Aker is very excited for the listing of Aker American Shipping today. The listing marks the end of a long period of hard work as well as the start of a new era--continuing to deliver as part of the Aker group. Aker has great belief in the company and the unique opportunities the company has in the Jones Act market," says Leif Arne Langoy, CEO of Aker ASA.

In connection with the listing, Aker will offer a minor secondary sale, giving private investors a possibility to invest in the company. A total of 350,000 shares will be offered at a fixed price of NOK 65, which is equal to the share price in the private placement. The subscription period runs from Monday, July 11, to Thursday, July 14, 2005 and the managers of the sale are DnB NOR Markets and Enskilda Securities.

In early trading on the Oslo exchange this morning, the shares were selling between NOK 67 and NOK 69.5. If this links, you can get an updated price here: http://www.oslobors.no/ob/aksje_kursutvikling?menu2show=1.1.2.1.&p_instrid=ticker.ose.AKASA

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