Announcement of new CEO

Kristian Røkke has been appointed President and CEO of Aker Philadelphia Shipyard ASA (AKPS).

He replaces Jim Miller who has been appointed Executive Vice President of Aker Contractors’ US Onshore Engineering & Construction business and member of Aker Contractors’ new Executive Management Team. Jim Miller is also nominated for the position as Chairman of the Board at Aker Philadelphia Shipyard.

Kristian Røkke will take over as President and CEO of the Yard effective April 5, 2011. Røkke is currently the Senior Vice President of Operations at Aker Philadelphia Shipyard and has been in key operating positions at the facility for the last four years.

From his new position as CEO, Kristian Røkke will lead the transitioning of the yard to win orders for new Jones Act vessels, particularly in the containership, dry cargo, and barge markets which are expected to be key future markets. He brings a strong shipbuilding background and has attended various Aker leadership and development programs throughout his career.

Chairman of the Board, Karl Erik Kjelstad has informed the nomination committee that he would like to resign from the board at the upcoming annual general meeting due to other commitments. K. E. Kjelstad has been involved with the shipyard since Aker became an active owner in 2001. He has been a board member since 2002 and Chairman of the Board since 2004. The Aker Philadelphia Shipyard Nomination Committee will be recommending to the shareholders of Aker Philadelphia Shipyard that Jim Miller replaces Karl Erik Kjelstad as Chairman of the Board at the annual general meeting on April 5, 2011. From his new position as Chairman of the Board, Jim Miller will continue to actively be a part of the business going forward.