Aker Philadelphia Shipyard Finalizes $60M Welcome Fund Loan

Aker Philadelphia Shipyard ASA (Oslo: AKPS) is pleased to announce that its
wholly-owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc.
(APSI), has executed definitive documentation with PIDC Regional Center, LP XXXI
for a secured term loan of up to USD 60 million.

The loan has a five-year term and a fixed interest rate of 2.75% through
maturity. The loan is secured by a lien on the company's interests in Hulls
021-024, which are the four product tankers to be included in the AKPS-Crowley
joint venture. The company made its first draw under the facility on the closing
date.

The loan is made through the Welcome Fund (EB-5) loan program, a source of low-
interest senior financing for large-scale, job-creating projects undertaken by
strong governmental, corporate or institutional sponsors.

As previously announced in March 2014, APSI executed definitive documentation
with Caterpillar Financial Services Corporation for a USD 120
million construction loan facility for the four product tankers.

In addition, as previously announced earlier this month, the AKPS-Crowley joint
venture received a firm and fully underwritten commitment from a group of banks
and other financial institutions for a USD 325 million senior secured term loan
facility for post-delivery financing of the four product tankers.


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