Philly Shipyard ASA: Key information relating to the cash dividend to be paid by PHLY

Dividend amount: USD 3.00 per share

Declared currency: USD

Last day including right: 12 September 2016

Ex-date: 13 September 2016

Record Date: 14 September 2016

Payment date: On or about 21 September 2016

Approval date: 12 September 2016

Other information: The dividend is subject to the approval by the extraordinary
general meeting of PHLY to be held on September 12, 2016. The dividend is
classified for accounting purposes as payment from retained earnings.

***

Philly 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. Philly
Shipyard is listed on the Oslo Stock Exchange and is majority-owned by Aker
Capital II AS, which in turn is 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,
Havfisk and Akastor.

This information is published in accordance with the requirements of the
Continuing Obligations.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.



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