The shareholders in Aker Philadelphia Shipyard ASA are invited to attend the annual general meeting to be held on Tuesday 13 April 2010 at 09.00 hrs at Felix Conference Centre, Bryggetorget 3, Aker Brygge, Oslo, Norway.

Aker Philadelphia Shipyard ASA (“AKPS” or the “Company”) today announced that it has entered into settlement agreements with Overseas Shipholding Group, Inc., OSG America, LP (collectively, “OSG”), American Shipping Company (“AMSC’) and Aker ASA and Aker Capital Fund (collectively “Aker”) that settle all of the outstanding commercial disputes between the companies.

On 5 August 2009, Aker Philadelphia Shipyard ASA (AKPS) issued a press release disclosing, among other things, that it had become an active participant in the negotiations between its customer, American Shipping Company ASA (AMSC), and AMSC’s charterer, Overseas Ship holding Group, Inc. (OSG), to settle all of their commercial disagreements.

Aker Philadelphia Shipyard ASA (AKPS) continued to make progress on its tanker series for American Shipping Company ASA (AMSC) and delivered AKPS’ eleventh vessel on 11 June 2009. For the quarter ended 30 June 2009, the shipyard recorded operating revenues of USD 55.0 million and EBITDA (earnings before interest, taxes and depreciation and amortization) of USD 4.5 million. Revenues for the quarter ended 30 June 2009 represented a 23% decrease compared to revenues of USD 71.1 million for the quarter ended 30 June 2008. EBITDA for the quarter ended 30 June 2009 increased 7% compared to the second quarter 2008 EBITDA of USD 4.2 million. The lack of financing for the two shuttle tankers in the tanker series and the delay in implementing the terms of the non-binding settlement agreement between AMSC and Overseas Shipholding Group (OSG) has increased the counterparty risk faced by AKPS. For more details, see the “Risks” section below.

First quarter 2009 – Aker Philadelphia Shipyard ASA (AKPS) continued to make progress on its twelve tanker series for American Shipping Company ASA (AMSC) and delivered AKPS’ tenth vessel on 19 February 2009. For the quarter ended 31 March 2009, the shipyard recorded operating revenues of USD 62.6 million and EBITDA (earnings before interest, taxes, depreciation and amortization) of USD 5.2 million. Revenues for the quarter ended 31 March 2009 represented a 7% increase compared to revenues of USD 58.7 million for the quarter ended 31 March 2008. EBITDA for the quarter ended 31 March 2009 increased 86% compared to the first quarter 2008 EBITDA of USD 2.8 million. Securing new orders beyond Hull 016 remains the shipyard’s biggest challenge as the global financial crisis continues to delay potential customer’s decision making process.

Aker Philadelphia Shipyard ASA has today on 2 April 2009 held its Annual General Meeting. All proposals to the AGM were approved.

The Board of Directors now consists of:

Karl Erik Kjelstad (Board Chairman)
Gary Mandel (Vice Chairman)
Marianne Heien Blystad
Elin Karfjell
Mark Singel

The minutes of the meeting are attached, in both English and Norwegian. Enclosed please also find a presentation.

Minutes from AGM (Norwegian)
Minutes from AGM (English)
Presentation

Enclosed please find recommendations from Aker Philadelphia Shipyard ASA’s Nomination committee in connection with the company’s Annual General Meeting on 2 April 2009.

Nomination Committee Recommendation (English)
Nomination Committee Recommendation (Norwegian)
CV Board members (English)

The shareholders in Aker Philadelphia Shipyard ASA are invited to
attend the Annual General Meeting to be held on Thursday 2 April 2009
at 08.30 hrs at Felix Conference Centre, Bryggetorget 3, Aker Brygge,
Oslo, Norway.