Annual General Meeting

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1 Annual General Meeting Aker Philadelphia Shipyard ASA Oslo, 2 April 2009

2 Presentation of Business Activities Aker Philadelphia Shipyard ASA Slide 2

3 Company Overview A U.S. shipyard that utilizes state-of-the-art shipbuilding practices to manufacture ocean-going commercial vessels for the Jones Act market Company: AKPS is the most modern U.S. shipyard focused on building commercial vessels protected by the Jones Act Products: AKPS currently builds mid-sized (30,000 45,000 dwt), ocean-going tankers and container ships with double-hull designs; the yard has the capabilities and infrastructure to build significantly larger vessels (50,000 80,000 dwt) Customers: AKPS s products are sold or leased through an affiliated organization to leading oil producers and shipping lines Modern Shipyard Facility: AKPS s shipyard was completely rebuilt in 1998 and has been optimally designed to support commercial shipbuilding operations Commercial Vessels Processes: The yard utilizes modular construction, automated fabrication systems and outsourcing to enhance productivity Product Tankers Container Ships Slide 3

4 Summary of main events Two product tankers delivered in 2008 Third delivered in February 2009 Four others under construction 33% improvement in man hours from the first to the fifth tanker ( ) New continuous improvement program launched Advancement of HSE initiatives Entered into partnership with Occupational Safety and Health Administration (OSHA) Graduation of first three apprentice classes Revenues of USD 285 million (8% increase over 2007) EBITDA of USD 16.2 million (25% increase over 2007) Slide 4

5 Two Tankers Delivered in 2008 Hull Overseas New York Hull Overseas Texas City Slide 5

6 Ship updates Hull 011 Hull 012 Hull 013 Hull 014 Slide 6

7 Presentation of Financial Statements Aker Philadelphia Shipyard ASA Slide 7

8 Consolidated Profit and Loss Statement Amounts in USD thousands (except earnings per share) Operating revenues 285, ,106 Cost of vessels (258,731) (246,206) Wages and other personnel expenses, net (2,204) (1,823) Other operating expenses (7,875) (3,117) Operating profit before depreciation and amortization 16,190 12,960 Depreciation and amortization (7,117) (7,135) Operating profit 9,073 5,825 Financial income 1,529 1,322 Financial expenses (10,462) (888) Profit before tax 140 6,259 Tax expense (1,894) (2,394) Profit/(loss) for the year (1,754) 3,865 Basic earnings per share (0.17) 0.50 Slide 8

9 Consolidated Balance Sheet Assets Amounts in USD thousands ASSETS Property, plant and equipment 70,833 72,922 Intangible assets 11,011 11,011 Deferred tax assets Interest-bearing long-term receivables Other non-current assets Total non-current assets 82,750 85,261 Vessels under construction-receivables 162,145 93,202 Prepayments and other receivables 19,176 15,783 Income tax receivable 2, Interest-bearing short-term receivables, net 4,789 5,700 Cash and cash equivalents 23,551 58,351 Total current assets 212, ,209 Total assets 295, ,470 Slide 9

10 Consolidated Balance Sheet Equity & Liabilities Amounts in USD thousands EQUITY AND LIABILITIES Paid in capital 70,995 91,111 Other equity 20,734 6,861 Total equity attributable to equity holders of the parent 91,729 97,972 Total equity 91,729 97,972 Interest-bearing loans 33,235 23,961 Deferred tax liabilities 2,429 6,274 Total non-current liabilities 35,664 30,235 Construction loans 118,500 78,700 Interest-bearing short-term debt 2,152 2,098 Trade and other payables 41,667 44,219 Income taxes payable 1,871 1,545 Current provisions 3,769 3,701 Total current liabilities 167, ,263 Total liabilities 203, ,498 Total equity and liabilities 295, ,470 Slide 10

11 Aker Philadelphia Shipyard ASA Profit and Loss Statement Inception - Amounts in USD thousands 2008 Dec Operating revenues Operating expenses (543) (162) Operating loss (428) (148) Interest income from subsidiary 77 - Other interest and financial income 1, Other interest and financial expenses (2,892) - Profit/(loss) after financial items (1,909) 495 Taxes (989) - Net profit/(loss) (2,898) 495 Allocation of net profit/(loss): Net profit/(loss) (2,898) 495 Other equity 2,898 (495) Total - - Slide 11

12 Aker Philadelphia Shipyard ASA Balance Sheet Amounts in USD thousands Amounts in USD thousands ASSETS EQUITY AND LIABILITIES Deferred tax assets Share capital 18,709 18,709 Total intangible assets Share premium reserve 52,286 72,402 Total paid in capital 70,995 91,111 Shares in subsidiary 67,000 67,000 Long-term receivable from subsidiary 5,000 - Other equity 13, Total financial non-current assets 72,000 67,000 Total equity 84,219 91,606 Total non-current assets 72,000 67,362 Other short-term receivables Short-term liabilities to subsidiary - 16 Cash and cash equivalents 15,118 27,639 Other short-term liabilities 2,930 3,394 Total current assets 15,149 27,653 Total current liabilities 2,930 3,410 Total assets 87,149 95,016 Total equity and liabilities 87,149 95,016 Slide 12

13 Auditor s Report 2008 KPMG AS Asbjorn Naess, State Authorized Public Accountant Oslo, 23 February 2009 Slide 13

14 Valgkomiteens innstilling Ordinær generalforsamling i Aker Philadelphia Shipyard ASA Oslo, 2. april 2009

15 Valgkomiteens arbeid Sammensetning Kjell Inge Røkke, formann Gerhard Heiberg Kjeld Rimberg Arbeidsform Tre møter avholdt Vurdert styrets arbeid Mottatt innspill fra enkeltaksjonærer Slide 15

16 Styrets sammensetning Karl Erik Kjelstad (formann) Gary Mandel (nestforman) Marianne Heien Blystad Elin Karfjell Robert P. Curt På valg, foreslått gjenvalgt Fratrer Slide 16

17 Forslag til nytt styremedlem Mark Singel After having served as Lieutenant Governor in the Commonwealth of Pennsylvania from 1987 and, for a period of time, Acting Governor of the state, Mr. Singel moved on to become a political consultant in Ten years later he established The Winter Group, a well known government relations firm in Pennsylvania. He continues to provide consulting services to clients in fields such as manufacturing, technology, energy, non-profits and health care. In he was Chairman of the Pennsylvania Democratic Party. Mr. Singel is a US citizen. Slide 17

18 Ny styresammensetning Karl Erik Kjelstad (formann) Gary Mandel (nestforman) Marianne Heien Blystad Elin Karfjell Mark Singel Foreslått valgt Slide 18

19 Valg av valgkomité Leif-Arne Langøy (formann) Gerhard Heiberg Kjeld Rimberg På val, foreslått gjenvalgt Foreslått valgt Slide 19

20 Honorarer - valgkomiteens forslag Styre Formann kr Styremedlemmer: kr Valgkomite Formann og medlemmer kr Slide 20

21 Disclaimer This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker Philadelphia Shipyard ASA and Aker Philadelphia Shipyard ASA s (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as expects, believes, estimates or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker Philadelphia Shipyard s businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation. Although Aker Philadelphia Shipyard ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. Aker Philadelphia Shipyard ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Aker Philadelphia Shipyard ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. The Aker Philadelphia Shipyard group consists of many legally independent entities, constituting their own separate identities. Aker Philadelphia Shipyard is used as the common brand or trade mark for most of this entities. In this presentation we may sometimes use Aker Philadelphia Shipyard", "Group, "we" or "us" when we refer to Aker Philadelphia Shipyard companies in general or where no useful purpose is served by identifying any particular Aker Philadelphia Shipyard company. Slide 21

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