AKER AMERICAN SHIPPING TO BE LISTED TODAY

Aker American Shipping ASA will, through wholly owned U.S. subsidiaries, build, own and bare boat charter vessels to U.S. vessel operators in accordance with U.S. coastwise laws (The Jones Act). The vessels will be constructed at Kvaerner Philadelphia Shipyard (KPSI) in Philadelphia, USA.

- The listing represents another new chapter in the company`s history. We will continue to work hard to meet expectations, says Dave Meehan, CEO of Aker American Shipping ASA.

Having acquired Kværner ASA`s share, the company`s major shareholder is now Aker ASA. Aker will own a minimum of 53.4 per cent when the planned secondary sale is completed. Aker American Shipping is the fourth listed company in the Aker group.

- Aker is very excited for the listing of Aker American Shipping today. The listing marks the end of a long period of hard work as well as the start of a new era - continuing to deliver as part of the Aker group. Aker has great belief in the company and the unique opportunities the company has in the Jones Act market, says Leif Arne Langøy, CEO of Aker ASA.

In connection with the listing, Aker will offer a minor secondary sale, giving private investors a possibility to invest in the company. A total of 350,000 shares will be offered at a fixed price of NOK 65, which is equal to the share price in the private placement. The subscription period runs from Monday 11 July to Thursday 14 July 2005 and the managers of the sale are DnB NOR Markets and Enskilda Securities.

About Aker American Shipping ASAAker American Shipping ASA will, through wholly owned U.S. subsidiaries, build, own and bare boat charter out vessels to U.S. vessel operators in accordance with the U.S. coastwise laws (Jones Act). The vessels will be constructed at Kvaerner Philadelphia Shipyard in Philadelphia, USA. The group has in excess of 600 employees, mainly at the shipyard in Philadelphia.

For further information:Lars Erik Lund, Aker American Shipping, tel: +47 413 31 369