Akps News

On 4 November 2015, the Board of Directors of Aker Philadelphia Shipyard ASA resolved to pay a dividend to the shareholders of AKPS as of expiry of 10 November 2015, of USD 0.25 per share, in aggregate USD 3,026,975.25. The dividend is classified for accounting purposes as a repayment of previous paid in share premium. The resolution was made pursuant to an authorization granted by the Annual General Meeting of AKPS on 15 April 2015. The shares in AKPS will be traded ex-dividend from and including 11 November 2015. The dividend will be paid on or about 20 November 2015 to the bank account registered on the relevant shareholder's securities depository (VPS) account.

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 Crowley Maritime Corporation (Crowley) related to the operation and chartering of four 50,000 dwt product tankers. The transaction is based on an enterprise value of $150 million per vessel. The buy-out of APSI's interest in the APSI-Crowley joint venture with respect to each vessel will occur at its delivery from APSI. The deliveries of all four vessels are expected to occur from Q3 2015 to Q3 2016. APSI expects to recognize a pre-tax gain of approximately $10 million per vessel from the transaction.

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. (APSI) will likewise change its name to Philly Shipyard, Inc. "Changing our name to Philly Shipyard more accurately reflects the shipyard we have become in recent years," remarked Steinar Nerbovik, Aker Philadelphia Shipyard's President and CEO. "We have delivered on our promises and stand firmly on our own two feet as a company. The new name also represents the proud tradition of shipbuilding in Philly and the City with which we are so intimately linked," Steinar said.

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, who is currently Chairman of Aker Philadelphia Shipyard ASA (AKPS), a leading U.S. commercial shipyard, and previously President & CEO of AKPS, will assume his new position in Akastor ASA on August 10, 2015. Aker ASA will propose to the nomination committee of Akastor ASA that Frank O. Reite takes the position as Chairman of the Board of Akastor ASA later this year. "I am very pleased that Kristian has accepted the position at the helm of Akastor.

Aker Philadelphia Shipyard ASA announced today that its Chief Financial Officer, Jeffrey Theisen, is resigning from his position later this month to pursue other career opportunities outside of shipbuilding and shipping. Art Whittemore, who was previously CFO of Gamesa USA, a manufacturer of wind turbines, is currently serving as interim CFO of AKPS to ensure a smooth transition while a permanent successor is identified.

On 6 May 2015, the Board of Directors of Aker Philadelphia Shipyard ASA resolved to pay a dividend to the shareholders of AKPS as of expiry of 12 May 2015, of USD 0.25 per share, in aggregate USD 3,026,975.25. The dividend is classified for accounting purposes as a repayment of previous paid in share premium. The resolution was made pursuant to an authorization granted by the Annual General Meeting of AKPS on 15 April 2015. The shares in AKPS will be traded ex-dividend from and including 13 May 2015. The dividend will be paid on or about 22 May 2015 to the bank account registered on the relevant shareholder's securities depository (VPS) account.

Aker Philadelphia Shipyard ASA informed that its wholly-owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has executed definitive documentation with PIDC Regional Center, LP XXXI for a secured term loan of up to USD 60 million. The loan has a five-year term and a fixed interest rate of 2.75% through maturity. The loan is secured by a lien on the company's interests in Hulls 021-024, which are the four product tankers to be included in the AKPS-Crowley joint venture. The company made its first draw under the facility on the closing date. The loan is made through the Welcome Fund (EB-5) loan program, a source of low-interest senior financing for large-scale, job-creating projects undertaken by strong governmental, corporate or institutional sponsors.

Aker Philadelphia Shipyard, Inc. (APSI) has delivered its second Aframax tanker to SeaRiver Maritime, Inc., Exxon Mobil Corporation’s U.S. marine affiliate. The 820 foot long, 115,000 deadweight ton tanker was delivered within the timeframe most recently reported by AKPS and will transport up to 800,000 barrels of Alaskan North Slope crude oil from Prince William Sound, Alaska to the U.S. West Coast. The vessel is equipped with double hull protection, the latest navigation and communications equipment, and an energy efficient engine. “Delivery of this vessel marks the conclusion of a successful project that has transformed our company for the better. We are proud of the Eagle Bay and are confident that she will serve the SeaRiver organization well over the decades to come.

The joint venture between Aker Philadelphia Shipyard ASA (AKPS) and Crowley has received a firm and fully underwritten commitment from a group of banks and other financial institutions for a USD 325 million senior secured term loan facility. According to AKPS this facility will be used for post-delivery financing of the four product tankers to be included in the AKPS-Crowley joint venture (Hulls 021-024). This commitment is subject to the execution and delivery of definitive documentation and satisfaction of customary conditions precedent.   This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

The Board of Directors of Aker Philadelphia Shipyard ASA yesterday resolved to pay a dividend to the shareholders of AKPS as of expiry of 3 March 2015, of USD 0.25 per share, in aggregate USD 3,026,975.25. The dividend is classified for accounting purposes as a repayment of previous paid in share premium. The resolution was made pursuant to an authorization granted by the Annual General Meeting of AKPS on 9 April 2014. The shares in AKPS will be traded ex-dividend from and including 4 March 2015. The dividend will be paid on or about 13 March 2015 to the bank account registered on the relevant shareholder's securities depository (VPS) account.

Philly Tankers AS announced today that its wholly owned U.S. subsidiary, Philly Tankers LLC, has entered into binding long-term time charter contracts with a domestic end-user for the two 50,000 dwt product tankers it has on order with Aker Philadelphia Shipyard (AKPS). The charters will commence after delivery of the vessels in 2016 and 2017. "This is an important milestone for Philly Tankers and we are proud of the long-term partnership that the company has established with a reputable end-user," said Kristian Rokke, Chairman of AKPS and Board member of Philly Tankers AS. Philly Tankers holds an option for two additional product tankers with deliveries in 2017, which the Company expects to declare, subject to raising the necessary equity capital.

Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S. subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), celebrated two significant ship milestones this week. Today, the shipyard held a ceremonial Keel Laying for the second of four product tankers that it is building for its joint venture with Crowley. Early in the day yesterday, construction began on its fourth product tanker in the same series. At the Keel Laying ceremony, coins were placed on one of the keel blocks before the 580 ton unit, which will be part engine room of the completed ship, was lowered into place in the dry dock. This tradition dates back to early shipbuilding and signifies good fortune and safe travels.

Aker Philadelphia Shipyard ASA announced that its board of directors has appointed Steinar Nerbovik as president and CEO of Aker Philadelphia Shipyard ASA effective today. Nerbovik has served as the company's managing director for the past seven months and was previously the company's senior vice president of operations. Kristian Rokke will continue as chairman of the board of AKPS, but in a nonexecutive capacity. "Today's announcement is mostly a formality given Steinar's prominent role at the company since 2013 and follows the plan set earlier this year, but nonetheless, it is an important milestone for AKPS," Rokke said. "The shipyard is in a robust position right now with an order book through 2018," remarked Nerbovik.

Reference is made to the open market partial tender offer for up to 650,000 shares of Aker Philadelphia Shipyard ASA announced on 7 August 2014. Pursuant to the offer, only a limited number of shares were tendered to the company. AKPS has accepted all shares tendered in accordance with the principles of the previously announced buyback program, which amounted to 166,457 shares. The total consideration was NOK 26,633,120 with a purchase price of NOK 160 per share. Following the transaction, AKPS holds a total of 185,203 own shares, constituting approximately 1.47% of the Company's shares and votes. The Company will continue its buy-back program in accordance with its authorization to purchase up to 10% of the Company's share capital.

Aker Philadelphia Shipyard AKPS), a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market, has on July 25, 2014 purchased 1,465 shares in the Company on Oslo Axess at an average price of NOK 158.68 per share, implying a total consideration of NOK 232,466. Following the transaction, AKPS holds a total of 9,785 own shares, constituting approximately 0.08% of the Company's shares and votes. Reference is made to Aker Philadelphia Shipyard ASA's (the "Company") (Oslo: AKPS) stock exchange notice of 17 July 2014 where AKPS announced a buyback program for up to 10% of the Company's share capital. The buyback program is carried out in accordance with an authorization granted by the Annual General Meeting of the Company held on 9 April 2014.

Aker Philadelphia Shipyard ASA (the "Company") (Oslo: AKPS) has on 21 July 2014 purchased 2,155 shares in the Company on Oslo Axess at an average price of NOK 160.64 per share with a total consideration of NOK 346,190. Following the transaction, AKPS holds a total of 2,155 own shares, constituting approximately 0.02% of the Company's shares and votes. Reference is made to the stock exchange notice of 17 July 2014 where AKPS announced a buyback program for up to 10% of the Company's share capital. The buyback program is carried out in accordance with an authorization granted by the Annual General Meeting of the Company held on 9 April 2014.

]On July 16, 2014, the Board of Directors of Aker Philadelphia Shipyard ASA (Oslo: AKPS) resolved to pay a dividend to the shareholders of AKPS as of expiry of July 22, 2014, of NOK 1.5 per share, in aggregate NOK 18,862,149. The resolution was made pursuant to an authorization granted by the Annual General Meeting of AKPS on April 9, 2014. The shares in AKPS will be traded ex-dividend from and including July 23, 2014. The dividend will be paid on or about August 1, 2014 to the bank account registered on the relevant shareholder's securities depository (VPS) account.

Following the announcement of 10 June 2014 by Aker Philadelphia Shipyard ASA  (AKPS) Philly Tankers had successfully secured equity commitments necessary to finance the purchase of two product tankers from AKPS with deliveries in 2016 and 2017. As planned, the conditions precedent to the closing of the Transaction, including the execution and delivery of satisfactory definitive documentation and the approval by the general meeting of American Shipping Company of its participation in the Transaction, have been satisfied and the Transaction is now closed. In connection with the Transaction, AKPS and Philly Tankers, through their subsidiaries…

Aker Philadelphia Shipyard (AKPS) has reported its highest ever quarterly result, with an EBITDA of USD 24.2 million and net income of USD 17.8 million, an increase relative to Q1 2013 of 27% and 48%, respectively. The increase was driven by the gain recorded from the sale of AKPS’s profit sharing interests in Hulls 017 and 018 to Crowley in Q1 2014. “We are pleased to report both record earnings and a record dividend,” said Kristian Rokke, Chairman of AKPS. “Both highlight the value AKPS has generated by creating and investing in Jones Act shipping assets in addition to traditional shipbuilding activity. On 30, April 2014, the Board of Directors authorized a dividend of NOK 17.5 (approx.

Aker Philadelphia Shipyard and financial sponsors, including American Shipping Company and funds affiliated with Apollo Global Management, create pure play Jones Act shipping company, Philly Tankers. Aker Philadelphia Shipyard ASA (OSE: AKPS) is pleased to announce the planned establishment of Philly Tankers AS, a Norwegian limited liability company, and its wholly-owned subsidiary, Philly Tankers LLC, a Delaware limited liability company (together “Philly Tankers”). Philly Tankers…

Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S. subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), began production activities today on the first product tanker that it is building for its joint venture with Crowley. Crowley and APSI have signed contracts for the first four tankers, with a total contract value of approximately $500 million. A small ceremony with representatives from Crowley and APSI was held in the shipyard’s Fabrication Shop to commence cutting on the ship’s first steel plate. That plate will become part of the double hull of the tanker that protects the cargo tanks. When completed in 2015, the vessel will be 600 feet long and be capable of carrying 50,000 tons of crude oil or refined petroleum products.

Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S. subsidiary of Aker Philadelphia Shipyard ASA (AKPS) has released an update regarding an incident that occurred yesterday at its facility. According to Aker, numerous factually incorrect news reports have emerged, and this release was intended to clarify certain points. Aker reported that at approximately 6:50am, maintenance was being performed on the shipyard’s gantry crane when an electrical fault occurred. Following protocol, NAVSES and the Philadelphia Fire Department responded.

Aker Philadelphia Shipyard delivers its first Veteran-class MT-46 product tanker to Crowley Maritime Corp. This is the thirteenth product tanker that the shipyard has completed and the seventeenth vessel overall. The product tankers are 600 feet long and have a cargo capacity of 46,000 dwt. The ship is named the Pennsylvania and is the first vessel that AKPS has delivered to Crowley. As stated in AKPS’s release on 21 August, 2012, Crowley will also take delivery of the next product tanker, Hull 018, when it is completed in February 2013.