Aker Philadelphia Shipyard : Buyback Program of Own Shares

By Joseph R. Fonseca
Thursday, July 17, 2014
Aker Philadelphia Shipyard

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.

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

SBI Offshore Negotiating Contract for Rig Builds

SBI Offshore Limited has announced that the Middle East-Chinese consortium, which recently awarded its subsidiary a contract to provide design and engineering services for a jack-up drilling rig,

Brazilian PSVs Get Rolls-Royce Offshore Cranes

Rolls-Royce signed a contract with Detroit Chile SA to supply offshore cranes to nine Platform Supply Vessels (PSVs) presently under construction at Detroit Brasil Ltda.

ABS to Class First Self-elevating Unit Built in Qatar

ABS, a provider of classification services to the global offshore industry, was selected by Nakilat-Keppel Offshore & Marine (N-KOM) to class its LB310S liftboat,

Finance

Legislation Signed for Ports Upgrades

Today, Governor Brown signed AB 2395 Legislation. The bill was co-authored by Bonnie Lowenthal chair of the Assembly Transportation Committee and the Select Committee

Report: Ports Lack Maintenance Support

The latest Barometer Report from Trelleborg has revealed a huge gap in the maintenance requirements of port owners and operators, and the support that suppliers are able to provide.

Shanghai Port's Q2 Profit Down; China Trade Flagging

Shanghai International Port , the operator of the world's busiest container port, reported earnings on Wednesday that showed its second-quarter net profit fell 2.

News

CMR Debuts Engine Supervision and Management Software

CMR Group has introduced a new Integrated Alarm Monitoring and Control System (IAMCS) for marine and naval engine applications which it said provides technologically-advanced

Legislation Signed for Ports Upgrades

Today, Governor Brown signed AB 2395 Legislation. The bill was co-authored by Bonnie Lowenthal chair of the Assembly Transportation Committee and the Select Committee

Report: Ports Lack Maintenance Support

The latest Barometer Report from Trelleborg has revealed a huge gap in the maintenance requirements of port owners and operators, and the support that suppliers are able to provide.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1468 sec (7 req/sec)