The Board of Directors of Aker Philadelphia Shipyard ASA has resolved to initiate a buyback program for up to 10% of the Company's share capital.
The decision reflects the Company's focus on maximizing shareholder returns over time, its strong financial position, its confidence in its ability to deliver on its operational commitments, and a reflection of the opportunities it sees to further develop its shipping investments. The buyback program will be continuously evaluated to maximize its value to the Company's shareholders, including price at which buybacks are executed.
The buyback program will be conducted in accordance with the authorization granted to the Board of Directors by the Annual General Meeting on 9 April 2014. The buyback will be executed at prevailing market prices on the Oslo Stock Exchange. The buyback program will take effect on 21 July 2014 and
terminate by the Annual General Meeting in 2015, but no later than 30 June 2015.
The Company has entered into an agreement with Pareto Securities AS to carry out the repurchase of the shares on behalf of the Company and within the framework set by the Company with regard to amount, price and timeframe.