Aker Philadelphia Shipyard Holds Ceremonial Keel Laying for Second Aframax Tanker for Seariver Maritime, Inc.

  • November 18, 2013


Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), held a ceremonial keel laying today for the second of two Aframax tankers that it is building for SeaRiver Maritime, Inc. (SeaRiver), Exxon Mobil Corporation’s U.S. marine affiliate. When completed in 2014, the Liberty Class vessels will be 820 feet long and be capable of carrying 115,000 tons of crude oil. The tankers are intended to be used to transport Alaskan North Slope crude oil from Prince William Sound to the U.S. West Coast.

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Aker Philadelphia Shipyard Secures Commitment for an Additional $65m Term Loan, Bringing Commitments for Term Debt Financing to a Total of $125m

  • November 14, 2013

Aker Philadelphia Shipyard ASA (Oslo: AKPS) is pleased to announce that its wholly owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has signed a commitment letter with a group of private lenders led by Tennenbaum Capital Partners, LLC for a secured term loan of $65 million with a variable interest rate of LIBOR plus 7.00%. This loan is expected to be fully funded by Q4 2014 with a five-year maturity occurring in 2018. The new term debt facility is subject to agreement on definitive documentation and fulfillment of customary closing conditions.

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Aker Philadelphia Shipyard Completes Definitive Documentation for Joint Venture with Crowley and Secures Commitment for Debt Financing

  • November 8, 2013

Aker Philadelphia Shipyard ASA (Oslo: AKPS) is pleased to announce that its wholly owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), and Crowley Maritime Corporation have completed definitive documentation and satisfied the closing conditions for the joint venture related to the operation and chartering of at least four product tankers. The transaction was originally announced on August 9, 2013. The agreements include binding shipbuilding contracts for the first four product tankers, which were signed on August 9, 2013, and options to build additional product tankers.

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Aker Philadelphia Shipyard to Build two 3,600 TEU Containerships for Matson Navigation

  • November 6, 2013

Aker Philadelphia Shipyard ASA (Oslo: AKPS) announces that its wholly-owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has been selected by Matson Navigation Company (Matson) to construct two 3,600 TEU containerships. Firm contracts are in place for the two vessels with a total value of $418 million. The vessels will be delivered in Q3 and Q4 2018 and will not require additional financing by APSI.

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Aker Philadelphia Shipyard and Crowley Announce Plans for Joint Venture to Build up to Eight Jones Act Product Tankers; Signs Construction Contracts for First Four Product Tankers

  • August 9, 2013

Aker Philadelphia Shipyard ASA (Oslo: AKPS) announces that its wholly-owned subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), and Crowley Maritime Corporation are expanding the cooperation initiated with the sale and delivery of two product tankers in 2012 and 2013. The expanded partnership includes four new product tankers with deliveries in 2015 and 2016, with the possibility to build four additional product tankers with deliveries through 2017. The parties have signed binding shipbuilding contracts for the first four tankers with a total contract value of approximately $500 million.

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Aker Philadelphia Shipyard Delivers Eighteenth Vessel

  • January 31, 2013

Aker Philadelphia Shipyard ASA (Oslo: AKPS), a leading U.S. commercial shipyard, has delivered to Crowley their second Veteran Class MT-46 product tanker. It is the fourteenth product tanker that the shipyard has completed and the eighteenth vessel overall. Crowley took delivery of the sistership, the Pennsylvania, in August 2012. The product tankers are 600 feet long and have a cargo capacity of 46,000 dwt.

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