Nerbovik Named CEO of Aker Philadelphia

Maritime Activity Reports, Inc.

November 5, 2014

Kristian Rokke

Kristian Rokke

Aker Philadelphia Shipyard ASA announced that its board of directors has appointed Steinar Nerbovik as president and CEO of Aker Philadelphia Shipyard ASA effective today. 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 of AKPS, but in a nonexecutive capacity.

"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," Rokke said. "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 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.

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