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October 12, 2005

Name change for Philadelphia shipyard

It's official. Kvaerner Philadelphia Shipyard is now Aker Philadelphia Shipyard.

The change in name reflects the yard's status as the shipbuilding subsidiary of newly-established Aker American Shipping. Other subsidiaries were formed to administer the new company's ship ownership and leasing functions. All are members of the the Norwegian-based Aker ASA group of global companies.

CEO David E. Meehan said the new name signals another positive chapter in recent shipyard history and that he fully expects employment at the facility to remain strong and steady.

"We are determined to be an industry leader in not only building ships, but in owning and leasing them in the domestic Jones Act market," he explained. "While our name is changing, our dedication to our mission hasn't changed a bit and we are proud to be building ships in Philadelphia to serve a vital need of our nation and our customers."

Demonstrating the company's commitment to the greater Philadelphia region, Meehan said Aker American Shipping is proud to serve as the lead sponsor of a new exhibit of the works of legendary Norwegian artist Edvard Munch at the Philadelphia Museum of Art. The exhibition, which is on display through the end of the year, presents Munch's "Mermaid" painting along with nearly two dozen of his drawings, paintings and prints and coincides with the centennial of Norwegian independence.

Meehan noted that earlier this year, with the help of former President Bill Clinton, Pennsylvania Gov. Ed Rendell, and Philadelphia Mayor John F. Street, as well as customer OSG, Inc., the company celebrated a historic $1 billion product tanker order.

Leif-Arne Langoy, president and CEO of Aker ASA, says the company is proud of its heritage abroad and in Philadelphia where it has successfully rebuilt from the ground up the commercial shipbuilding industry.

"Every member of the Aker family, starting with our main shareholder, Kjell Inge Rokke, applauds our Philadelphia operations for the accomplishments to date, and is optimistic for the future as America's premier commercial shipbuilder," says Langoy.

Aker American Shipping is listed on the Oslo Stock Exchange (ticker symbol AKASA).

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