Aker Philadelphia Shipyard ASA announced that Kristian Rokke, President and CEO, has been nominated to be Executive Chairman of the Board of Directors of the company. This nomination is expected to be approved at the company's Annual General Meeting on April 9, 2014. Steinar Nerbovik, who is currently Senior Vice President of Operations of Aker Philadelphia Shipyard Inc., the company's wholly-owned subsidiary, will assume the position of Managing Director of the company.

As Executive Chairman, Mr. Rokke will continue to have an active role in the company's activities and plans to remain full-time in Philadelphia, PA until the end of 2014. At the end of this transition period, Mr. Rokke will become Chairman of the Board of Directors of the company with customary responsibilities and assume another position within the Aker group. Jim Miller, who has served as Board Chairman since 2011, and Manuel Stamatakis, who has served on the Board since 2011, will withdraw from the Board.