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Aker American Shipping Signs Agreement With Hyundai Mipo

Aker American Shipping has, through its subsidiary Aker Philadelphia Shipyard, Inc., signed an agreement with Hyundai Mipo Dockyard Co. Ltd. extending the current relationship to include additional tankers as well as containerships. This further solidifies the strong partnership between Aker American Shipping, a leading Jones Act ship owner, and Hyundai Mipo Dockyard, a leading global shipbuilder. Under an agreement signed in 2004, Hyundai Mipo Dockyard (HMD) has been providing design and procurement services for a series of ten 46,000 dwt tankers currently being constructed at Aker American's shipyard in Philadelphia. The new agreement covers an additional six tankers, which mirrors an agreement in principle for additional charters with Overseas Shipholding Group, Inc. (OSG) that Aker American Shipping announced in February 2007, as well as exclusive rights for containerships.

Aker and OSG Announce Agreement for up to Six More Tankers

Aker American Shipping ASA and Overseas Shipholding Group, Inc. announced that they have signed an agreement in principle pursuant to which Aker American Shipping subsidiary, Aker Philadelphia Shipyard, will construct up to six additional Veteran Class MT-46 Jones Act Product Tankers (three fixed plus three options) and transfer them to another subsidiary, American Shipping Corporation, which will bareboat charter them to subsidiaries of OSG for initial terms of 10-15 years.

Kvaerner, RGI to Establish Joint Ownership for Shipyards

Aker Kvaerner and Aker RGI have entered into an agreement to establish a joint ownership for their wholly owned shipyards in Germany, respectively Kvaerner Warnow Werft and Aker MTW. Among other conditions, the agreement is dependent on approval from Aker Kvaerner's and Aker RGI's lenders. The aim is to implement the new ownership by the end of 2002. Aker Kvaerner will own 40 percent of the two yards. In February Aker Kvaerner and Aker RGI began working closely together in

OSG to Build More Tankers

(Pictured is Overseas Houston) 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). Once transferred to another Aker subsidiary, American Shipping Corporation, OSG will bareboat charter the vessels for initial terms of 10 to 15 years

Aker RGI Proposes Alternative to Redemption Offer

Aker Maritime previously obliged to postpone the agreed redemption of shares because of objections raised by the French company Coflexip. Aker RGI now offers to buy all the shares in Aker Maritime at the same price as in the redemption offer. In practice this means that the redemption can be carried out in spite of Coflexip's objections. In the original redemption offer the value of the Aker Maritime share was set at NOK 95

AAS to Split?

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, 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), reported.

Aker Kvaerner Deepwater contract for GOM

Chevron, with partner Kerr-McGee, has awarded Aker Kvaerner, Inc. the semisubmersible hull and mooring system contract for their Blind Faith project in the Gulf of Mexico. The contract has a total value of approximately $120 million. Aker Kvaerner's scope of work includes engineering, procurement, construction and transportation. The award is a recognition of the deepwater competence in Aker Kvaerner. The Blind Faith platform to be located in the Mississippi Canyon 650 block

Contract Signed for SemiSub Platform

Statoil and Aker Kværner has signed the contract worth approximately NOK 8 billion for the semisubmersible platform to be located at the Gjøa field offshore Norway. This is in accordance with the memorandum of understanding presented in Aker Kvaerner's disclosure to the Oslo Stock Exhange at 29 September 2006. The scope of work to be performed by Aker Kvaerner will be detail design of topside and hull, procurement, construction and hook-up of topside, and mating of topside and hull

Aker Solutions, IHI Partnership on LNG Terminal

The Aker Solutions and IHI partnership has received a signed Notice of Substantial Completion for Sempra LNG's Cameron LNG liquefied natural gas (LNG) receipt terminal near Lake Charles, La.   The Cameron LNG terminal project combined Aker Solutions' expertise in regasification engineering, construction management, commissioning and start-up with IHI's design and manufacturing knowledge of LNG storage and processing systems.  

Aker Solutions Secures New UK Contract

Aker Solutions has secured a contract for maintenance, modifications and operations work with an undisclosed customer in the UK sector of the North Sea. The two-year contract will guarantee over 180 jobs annually for Aker Solutions in Aberdeen, UK. There are also two optional one-year contract extensions that may be exercised in the future. Aker Solutions estimates the contract value to be approximately £13 million per year

Aker ASA Equity Holdings Restructured

Aker Philadelphia Shipyard

  Aker ASA has on 30 September 2015 transferred its equity holdings in Converto Capital Fund AS to Aker Capital AS, a wholly-owned subsidiary of Aker. As per 30 September 2015, Converto Capital Fund AS directly held 7,237,631 of the issued shares and votes in Aker Philadelphia Shipyard ASA

Crowley Acquires Jones Act Tankers

Crowley Takes Delivery of First of Four New, Jones Act Tankers from Aker Philadelphia Shipyard

  Crowley Maritime Corp. took delivery of Ohio, the first of four new, Jones Act, product tankers this week from Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S. subsidiary of Aker Philadelphia Shipyard ASA. The delivery is momentous not only for Crowley

Swiss Re Establishes North America Marine Team

Swiss Re Corporate Solutions has expanded its marine business by opening a North America marine office. Beginning October 1, 2015, the New York-based team will provide ocean cargo insurance, with additional products to follow, the company said.  

White House Backs El Faro Investigation

President Barack Obama (White House photo)

President Barack Obama on Wednesday offered condolences to the families of the 33 sailors presumed to have lost their lives aboard cargo ship El Faro which is believed to have sunk amid Hurricane Joaquin last week.    The investigation into the incident will receive the

Aker Philadelphia Appoints New CFO

Photo: Aker Philadelphia Shipyard

  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

Fjords Processing Bags Johan Sverdrup Contracts

Johan Sverdrup tendering. Photo Statoil

  Fjords Processing, headquartered in Norway (Fornebu), has won three contracts for the deliveries of process systems for the Johan Sverdrup development in the North Sea. The contracts were signed with Statoil on behalf of the Johan Sverdrup license

American Cruise Lines Names New Riverboat

American Cruise Lines announced the name of its new Mississippi paddlewheeler – America – currently under construction at Chesapeake Shipbuilding in Salisbury, Md.   The America is American built, flagged and crewed, which is symbolic of the true all-American experience

Aker Solutions Revenue Steady


Sales NOK 8 billion in 2Q 2015 vs NOK 8.1 billion in 2Q 2014 Earnings before interest, taxes, depreciation and amortization (EBITDA) NOK 547 million vs NOK 608 million a year earlier EBITDA margin 6.8% vs 7.5% a year earlier EBITDA margin ex. one-off items 7.6% vs 7.5% a year earlier

Røkke is CEO of Akastor ASA

Kristian Rokke

Akastor ASA announced that its Board of Directors has appointed Kristian Røkke as its Chief Executive Officer. Mr. Røkke will succeed Frank O. Reite, who will take the position of Chief Financial Officer at Aker ASA. Kristian Røkke

Aker Philadelphia Shipyard is Philly Shipyard Now

Photo by Aker Philadelphia Shipyard Inc

 Aker Philadelphia Shipyard ASA announces its plan to change its name to Philly Shipyard ASA, pending an upcoming shareholder vote at an extraordinary general meeting expected to take place in October 2015. Aker Philadelphia Shipyard, Inc

AAM, UNH in Vessel Design, Construction Pact

University of New Hampshire New Research Vessel

  All American Marine, Inc.(AAM) together with the University of New Hampshire (UNH) are pleased to announce a contract for the design and construction of a new aluminum catamaran research vessel. All American Marine will build the 48’ x 17’ catamaran custom devised by Teknicraft

Kinder Morgan Buys Four Newbuilding Resales

Photo Aker Philadelphia Shipyard

  Kinder Morgan, Inc. is expanding its growing fleet of Jones Act product tankers having signed a definitive agreement valued at an all-in price of $568 million with Philly Tankers LLC to take assignment of contracts for the construction of four, new 50,000-deadweight-ton

Aframax Tanker Designed for Arctic Shipping

Aframax tanker in-ice- Aker Arctic

A modern Aframax-sized tanker concept designed for transporting crude oil and oil product in the Arctic has been developed via collaboration between Deltamarin Ltd. and Aker Arctic Technology Inc.  In creating the new tanker concept, Deltamarin said it drew upon its expertise in affordable

Aker to Sell Product Tanker JV Interest

Aker Philadelphia Shipyard

  Aker Philadelphia Shipyard ASA announced today that its wholly-owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has entered into definitive agreements with a subsidiary of Marathon Petroleum Corporation (MPC) for the buy-out of APSI's interest in its joint venture with

GC Hidromek, Aker JV to Develop Dredgers

  GC  “Hidromek”  (Russia) and Aker Arctic (Finland) have signed the strategic partnership agreement  at NEVA 2015 GC “Hydromech” (Russia) Inc and Aker Arctic (Finland) signed an agreement on strategic partnership at the NEVA 2015 International

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