Aker American News

American Shipping Company ASA (AMSC) has agreed to acquire the Normand Maximus construction support vessel from Maximus Limited, a company controlled by its secured lenders.In parallel with the transaction, AMSC will enter into a long-term bareboat agreement with a subsidiary of the Norwegian offshore services provider Solstad Offshore. Solstad Offshore has managed the vessel for years, and the deal with AMSC means it will continue to do so.The total purchase price for the vessel is about USD 157 million…

Philly Shipyard announced Wednesday that Jeffrey Theisen will re-join the company as Chief Financial Officer, effective September 8. Theisen fills the vacancy created by last month's sudden passing of Brian Leathers.Theisen previously served as Philly Shipyard's CFO for eight years, from 2007 - 2015. He was involved in the spin-off of Philly Shipyard from its parent Aker American Shipping and subsequent listing of the company on Oslo Axess, and he was instrumental in securing backlog and negotiating various financings, investments and other significant transactions.

Aker Philadelphia Shipyard ASA has appointed Jan Ivar Nielsen as Chief Financial Officer effective September 2015. Since 2009, Nielsen has held the position of CFO of VARD Holdings, a publicly listed global designer and builder of offshore and specialized vessels with 10 facilities across Europe, Asia and South America. From the period 2002 to 2005, Nielsen was CFO of the shipyard in Philadelphia. In 2005, Nielsen was involved in the formation of Aker American Shipping Company, the former parent of both Aker Philadelphia Shipyard and American Shipping Company. He then served as CFO of Aker American Shipping Company until 2007. Nielsen holds a Master of Science in Business degree from Bodø Graduate School of Business and an Executive MBA degree from Temple University.

This double hulled, environmentally friendly tanker, which will be fitted with additional equipment to increase maneuverability, can receive oil from Floating Production Storage and Offloading (FPSO) vessels and transport it from deepwater areas without pipeline access to refineries on the Gulf Coast. Aker American Shipping President, Rob Kurz stated, "This is a very significant milestone for Aker American Shipping. Shuttle tankers represent an exciting new market and we are looking forward to opportunities to own more of these vessels. With the increasing demand for oil, and considerable resources in the Gulf of Mexico, this tanker will be an important part of the United States‘ energy infrastructure.

Aker unit Aker American Shipping said it has raised gross proceeds of $80m via a book-building exercise in subsidiary Aker Philadelphia Shipyard. The proceeds will be used to fund the group's shipbuilding program, it said. Aker American Shipping has a flexible option agreement for 13 vessels, and it said this will 'provide the platform for ambitious growth plans in the future'.

Aker's Aker American Shipping (AAS) reportedly has decided to split its business into a shipyard and a separate ship-owning company, according to a report on Forbes.com, a move reportedly designed to advance its business prospects in the U.S. Under the plans, American Shipping Corporation will be a vessel-owning subsidiary of AAS, while the shipyard activities will be organized into the newly-established company Aker Philadelphia Shipyard (APS), Forbes.com reported. Aker American Shipping currently has a fleet of ten product tankers and two shuttle tankers, under construction or chartered to customers. In 2007, three product tankers have been delivered and chartered, while the nine remaining vessels will be delivered in the period 2008-11.

Aker American Shipping ASA and Overseas Shipholding Group, Inc. (OSG) announced today that they have signed an agreement pursuant to which Aker Philadelphia Shipyard, a subsidiary of Aker American Shipping, will construct two additional Veteran Class MT-46 Jones Act Product Tankers and transfer them to another subsidiary, American Shipping Corporation, which will bareboat charter the vessels to subsidiaries of OSG for initial terms of 10 years. For Aker American Shipping the full transaction is valued in excess of $240m (before profit sharing) reflecting the higher rates and longer terms. The agreement is subject to relevant government approvals. As part of this agreement, the February 7th 2007 Agreement in Principle for three fixed plus three option vessels has expired.

Aker Philadelphia Shipyard delivered the second vessel in an up to 16 ship order of product tankers as the 600-ft. long MT46 Veteran Class Overseas Long Beach was transferred to American Shipping Corporation, a subsidiary of Aker American Shipping. The vessel joins its sister vessel, the Overseas Houston, in American Shipping Corporation's fleet of modern, double hull product tankers for charter in the Jones Act market. The Overseas Long Beach is chartered to a subsidiary of Overseas Shipholding Group, Inc. (OSG) who will put the vessel into service for BP. In the coming days, the Overseas Long Beach will sail to the Gulf of Mexico leaving the three other product tankers currently under construction at the yard. The next tanker is scheduled for delivery near year's end.

Jan Ivar Nielsen, Aker American Shipping's Chief Financial Officer (CFO) and Head of Investor Relations has accepted a position with Aker Yards and will be leaving the group. Replacing Mr. Nielsen will be Mr. Jeffrey Theisen, who will join the company immediately as VP of Finance and assume the duties of CFO and Head of Investor Relations after a transition period to take place during the next few months. Theisen is a twenty year resident of the Philadelphia area and a graduate of Villanova University. Mr. processing services to financial institutions and commercial end-users.

Dock. series, also currently under construction. As part of the ceremony, coins were placed under the keel block recreating a long-standing tradition whereby shipbuilders hide special coins in the keel section of a ship as a permanent symbol of good fortune and safe travels. Anton Roaldset, Vice President of Procurement, represented Aker American Shipping in the ceremony, with Andrew Hake and Greg Marchese of Overseas Shipholding Group's (OSG) site office at the yard participating on OSG's behalf. of liquid product. Company. to OSG. agreements in place between OSG and Shell, BP and Tesoro.

A South Korean shipbuilder said that it will be building additional tankers and container ships at the old Philadelphia Navy Yard. The parent of Aker Philadelphia Shipyard Inc. said its expanded deal with Hyundai Mipo Dockyard Co. Ltd. covers an additional six tankers as well as exclusive rights for container ships. Under a 2004 deal, Hyundai Mipo has been providing design and procurement services for a series of 10 tankers currently under construction in Philadelphia. Aker Philadelphia Shipyard and its parent, Aker American Shipping Inc., are part of the Norway-based Aker group of oil services, engineering, construction and shipbuilding companies. Source: AP

agreement with Hyundai Mipo Dockyard Co. Ltd. relationship to include additional tankers as well as containerships. shipbuilder. Philadelphia. Shipholding Group, Inc. February 2007, as well as exclusive rights for containerships.

achieved on two subsequent vessels. the series, has been floated from its berth in the yard's Building Dock. series, marking start of production on that ship. MT 46 Veteran Class tanker vessels under construction simultaneously. place. Overseas Houston, in American Shipping Corporation's (ASC) fleet. to Overseas Shipholding Group, Inc. arrangement to bring these vessels to U.S. waterways. on one of the yard's two state-of-the-art plasma cutting machines, with Ms. process. The fifth tanker vessel is scheduled to be completed in 2008.

Aker American Shipping ASA and Overseas Shipholding Group, Inc. initial terms of 10-15 years. $700M (before profit sharing) reflecting the higher rates and longer terms. and agreement of final documentation, and relevant government approvals. Act commercial product tanker being built at Aker Philadelphia Shipyard. time charters in place.

Overseas Shipholding Group, Inc. (OSG), signed an agreement in principle pursuant to which Aker Philadelphia Shipyard, a subsidiary of Aker American Shipping ASA, will build up to six additional Veteran Class MT-46 Jones Act Product Tankers (three fixed plus three options). Corporation, OSG will bareboat charter the vessels for initial terms of 10 to 15 years. The agreement in principle is subject to, among other conditions, approval by the Boards of Directors of OSG and Aker American Shipping, preparation and agreement of final documentation and relevant government approvals. between OSG and BP for one more of the 46,000 dwt Jones Act commercial product tankers being built at Aker Philadelphia Shipyard.

Senior secured credit facility of $770m with Fortis closed at delivery of first tanker Aker American Shipping has, concurrently with the delivery of the first Product Tanker, closed a senior secured credit facility of $770m with Fortis as Agent, financing its long term ownership of the first 10 vessels. The facility secures permanent financing for the first 10 product tankers and provides for an advance of $80m per vessel. The facility refinances the $350m facility currently in place for the first five product tankers that provided for an advance of $70m per vessel. AKASA has also entered into interest rate swaps, which secure the interest rate of the new credit facility.

The Naming Ceremony was held for the first product tanker in OSG's 10 ship series. Aker Philadelphia Shipyard achieved another significant milestone in the build program with keel laying for the third vessel in the series. The first section of the double- hulled product tanker scheduled for completion in late 2007 was lowered into the yard's building dock, the same dock where construction is underway on the second ship in the series. As part of the ceremony, coins were placed under the keel block recreating a long-standing tradition whereby shipbuilders hide special coins in the keel section of a ship as a permanent symbol of good fortune and safe travels.

Charter agreements have been signed for two more of the 10 Jones Act commercial product tankers being built at Aker Philadelphia Shipyard. The agreements were made between Gold Star Maritime Company, an affiliate of Tesoro Corporation (Tesoro), and Overseas Shipholding Group Inc. (OSG), which has partnered in the new fleet with Aker American Shipping (AKASA), parent company of the shipyard. As part of the Aker group of companies, Aker American Shipping, in conjunction with its subsidiaries, operates as both shipbuilder and ship owner in the Jones Act segment of the U.S. commercial maritime industry. Tesoro had previously secured two vessels in the series in April of this year.

Aker Philadelphia Shipyard has layed the keel for the second vessel in the series, the sixth ship constructed at the yard since it started production in 2000. The first section of the double-hulled product tanker scheduled for completion in 2007 was installed in the yard’s Building Dock just a few hundred yards behind the first ship in the series, also currently under construction in the dock. When completed, each vessel will weigh 46,000 deadweight tons (dwt) and be the most modern product tankers in the U.S. domestic fleet. The first ship in the program is expected to be delivered by the end of 2006, with the second vessel scheduled for completion during 2007.

Aker Philadelphia Shipyard has commenced production on the third vessel in the ten-ship product tanker build program initiated in April 2005. Steel cutting for the ship, the seventh built by the yard since its opening nearly six years ago, was performed on one of the yard's two state-of-the-art plasma cutting machines. The third tanker vessel is scheduled to be completed in the fourth quarter of 2007. The first steel plates cut for the ship will be used in construction of the engine room of the 46,000 deadweight ton (dwt) product tanker. Upon completion, the tankers will be owned by American Shipping Corporation, a subsidiary of Aker American Shipping, and bareboat chartered to Overseas Shipholding Group, Inc (OSG).

Aker Philadelphia Shipyard has begun production on the second of ten vessels in the product tanker build program announced last spring, according to a WPVI-TV report. Steel cutting for the ship, the sixth built by the yard since its opening five years ago, begins just weeks after keel laying for the first tanker in the series. The second vessel is scheduled to be completed in 2007. The steel plates were cut on one of the yard's two plasma cutting machines. Once finished, the pieces will form part of the engine room of the 46,000 dwt product tanker. Upon completion, the tankers will be owned by American Shipping Corporation, a subsidiary of Aker American Shipping. Source: WPVI-TV