Aker Philadelphia Shipyard Announces Ratification of Four Year Collective Bargaining Agreement

Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of Aker
Philadelphia Shipyard ASA (Oslo: AKPS), announced today that a new four year
collective bargaining agreement has been ratified by the Philadelphia Metal
Trades Council (PMTC). The PMTC is the exclusive bargaining representative for
production and maintenance employees at APSI and consists of ten unions.

Mike Giantomaso, Aker Philadelphia Shipyard Vice President of Human Resources
remarked, "We are pleased to have successfully ratified this agreement and
are very proud to continue our partnership with the PMTC. This contract supports
our company's vision of being the leading U.S. commercial shipyard and
underscores our objective of being a preferred employer in our communities."

President of the Philadelphia Metal Trades Union, Lou Agre, commented "This
contract ratification is another example of successful collaboration between
union and management, and a clear example of how cooperation keeps organizations
moving forward."

About AKPS:
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.


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