Aker Philadelphia Shipyard Asa News

05 Nov 2015

Aker Shipyard Declares Dividend

Aker Philadelphia Shipyard

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.

03 Nov 2015

Crowley Christens LNG-Ready Product Tanker

Pamela Beall breaks a of champagne across the hull to christen Ohio (Photo: Crowley)

Crowley Maritime Corp. today christened the first of four new Jones Act product tankers at the Tampa Cruise Terminal. The 50,000 dead-weight-tons (dwt), 330,000-barrel-capacity ship Ohio is the first tanker ever to receive the American Bureau of Shipping’s (ABS) LNG-Ready Level 1 approval, meaning Crowley has the option to convert the tanker to liquefied natural gas (LNG) propulsion in the future. More than 100 guests watched as Pamela Beall, president of MPLX, a Marathon Petroleum Corporation subsidiary, broke a ceremonial bottle of champagne across the hull to christen the vessel.

01 Oct 2015

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, but also for the industry because it signifies the first time a product tanker has been constructed with consideration for the future use of LNG for propulsion. The remaining three product tankers being built by APSI for Crowley are currently under construction and have planned deliveries through 2016.

01 Oct 2015

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, or 57.56 per cent of the share capital.

22 Sep 2015

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 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…

16 Jul 2015

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. (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.

16 Jul 2015

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, 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.

26 Jun 2015

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 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.

03 Jun 2015

CFO Theisen Quits Aker Philadelphia

Jeffrey Theisen

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.

07 May 2015

Aker Philadelphia to Pay Dividend

Aker Philadelphia Shipyard

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.

17 Mar 2015

Aker Philadelphia Shipyard Finalizes $60M Loan

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.

12 Mar 2015

AKPS, Crowley JV Secures $ 325 mi Commitment

Courtesy Aker Shipyard

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.

26 Feb 2015

Aker Philadelphia to Pay Dividend

Photo courtesy Aker  Philadelphia

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.

04 Feb 2015

Aker Philadelphia Shipyard's CBA Ratified

Aker Philadelphia Shipyard

Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of Aker Philadelphia Shipyard ASA, announced today that a new four year collective bargaining agreement has been ratified by the Philadelphia Metal Trades Council (PMTC). The PMTC is the exclusive bargaining representative for production and maintenance employees at APSI and consists of ten unions. Mike Giantomaso, Aker Philadelphia Shipyard Vice President of Human Resources remarked, "We are pleased to have successfully ratified this agreement and are very proud to continue our partnership with the PMTC.

24 Dec 2014

Aker: 4 Tankers Now Underway at Phila. Shipyard

Aker Philadelphia Shipyard

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…

05 Nov 2014

Nerbovik Named CEO of Aker Philadelphia

Kristian Rokke

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…

24 Sep 2014

Keel Laid for Crowley Jones Act Tanker

Photo: Crowley

The first of four Crowley Maritime Corp. product tankers was celebrated today in a keel laying ceremony held at Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S. subsidiary of Aker Philadelphia Shipyard ASA. The 330,000-barrel, Jones Act tankers are being built through a joint venture between Crowley and Aker. Keeping with the long-held shipbuilding tradition, several coins were placed by representatives from Crowley, APSI and others on one of the keel blocks before the unit was lowered into place in the dry dock. The coins are a ceremonial sign of good fortune and safe travels.

11 Aug 2014

Aker Philadelphia Shipyard Accepts Shares Tendered

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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…

29 Jul 2014

Aker Philadelphia Shipyard ASA: Purchase of own shares

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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…

22 Jul 2014

Aker Philadelphia Shipyard ASA : Purchase of own shares

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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.

19 Jul 2014

Aker Philadelphia Shipyard to Pay Dividend

Aker Philadelphia Shipyard

]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.

17 Jul 2014

Aker Philadelphia Shipyard : Buyback Program of Own Shares

 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.

11 Jul 2014

Philly Tankers Step Closer to Its First Vessels

Philly Tankers Step Closer to Its First Vessels

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.

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