Aker Philadelphia Shipyard Build Methodologies Confirmed in U.S. District Court Decision

Business Wire, August 25, 2008

Lawsuit by Metal Trades Department Against U.S. Coast Guard Rejected

PHILADELPHIA -- In a decision filed today the U.S. District Court of the Eastern District of Pennsylvania has upheld the United States Coast Guard interpretation of the Jones Act as it relates to the modern building methods employed by Aker Philadelphia Shipyard (Oslo:AKPS). The decision rejected a lawsuit filed by the Metal Trades Department of the AFL-CIO.

Aker Philadelphia Shipyard President and CEO, Jim Miller remarked "We wish to reiterate that Aker Philadelphia Shipyard is extremely proud to be building ships in full compliance with the legal requirements for vessels to be operated in the Jones Act trade. We are satisfied with the court's decision and by working closely with our skilled union work force will continue to deliver on our promise to build quality ships for the U.S. market."

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 a member of the Norwegian-based Aker family of global companies, leaders in global growth markets including energy technologies, energy resources, maritime technologies, seafood and marine biotechnology.