Press releases

Philly Shipyard Begins Work on Dry Docking Contract for MARAD Ship

• August 2, 2019

Philly Shipyard, Inc., the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), has commenced work on its first contract to perform modernization, repair and maintenance work on a government ship, the SS Antares.

Philly Shipyard to Appoint New Chief Financial Officer with Deep Government Contracts Experience

• July 1, 2019

Philly Shipyard ASA (Oslo: PHLY) announced today that Brian Leathers will assume the position of Chief Financial Officer (CFO) immediately following the Q2 2019 meeting of the Board of Directors on July 15, 2019. Mr. Leathers will replace Jan Ivar Nielsen, who is resigning from his position as the company’s CFO to pursue another executive role within the Aker group.  Mr. Nielsen will remain available to the company until August 15, 2019 to ensure a smooth transition.

Philly Shipyard and Vard Marine Team Win Contract for CHAMP Design Study

• June 12, 2019

Philly Shipyard and Vard Marine are pleased to announce that their bid to conduct industry studies for the Common Hull Auxiliary Multi-Mission Platform (CHAMP) program has been selected by the U.S. Navy.

Minutes from the Annual General Meeting

• April 5, 2019

Philly Shipyard ASA has today on April 5, 2019 held its Annual General Meeting.

All proposals to the AGM were approved.

The Board of Directors now consists of:

Jim Miller (Chairman)

Kristian Rokke

Amy Humphreys

Elin Karfjell

The minutes of the meeting are attached in Norwegian and English. Please also find attached the AGM presentation.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Philly Shipyard Delivers Second Container Vessel to Matson

• March 28, 2019

The pair are the two largest containerships ever built in the U.S.

Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), delivered ‘Kaimana Hila’ to Matson Navigation Company, Inc. (Matson) today.  ‘Kaimana Hila’ is the second of two 3,600 TEU “Aloha Class” containerships that were ordered by Matson. The first vessel, ‘Daniel K. Inouye,’ was delivered by PSI in October 2018 and is currently in service for Matson. 

Annual General Meeting Information and Annual Report

• March 15, 2019

The shareholders in Philly Shipyard ASA are invited to attend the annual general meeting (AGM) to be held on Friday April 5, 2019 at 12:00h (CET) at Advokatfirmaet BAHR AS, Tjuvholmen allé 16, 0252 Oslo, Norway.

Please find below the AGM documents, which include the following:

AGM notice

Attendance form

Proposed resolutions

Nomination committee recommendations

Guidelines for remuneration to executive management

The 2018 Annual Report for Philly Shipyard ASA

Note: The company’s 2018 Annual Report shows income tax expense for 2018 of USD 2.3 million. In comparison, the company’s Q4 2018 report showed a preliminary income tax expense for 2018 of USD 3.6 million. The decrease in income tax expense for 2018 from the quarterly report is due to the reversal of a deferred tax asset valuation allowance of USD 1.3 million to offset a deferred tax liability.

Philly Shipyard shareholders may register here for the Annual General Meeting.

Matson Christens First Aloha Class Vessel ‘Daniel K. Inouye’ at Philly Shipyard

• July 2, 2018

Largest Containership Built in U.S. Will Serve Hawaii

Matson, Inc. (NYSE: MATX), a leading U.S. carrier in the Pacific, and Philly Shipyard, Inc. (PSI), the wholly-owned U.S. subsidiary of Philly Shipyard ASA (Oslo: PHLY) christened the largest containership ever built in the United States in a ceremony at the Philly Shipyard on Saturday, June 30. 

Minutes from the Extraordinary General Meeting

• June 29, 2018

Philly Shipyard ASA has today on 29 June 2018 held an Extraordinary General Meeting (EGM) to vote on the proposal to elect Kristian Røkke as Deputy Chairman of the Board.  This proposal to the EGM was approved.

Extraordinary General Meeting information

• June 8, 2018

The shareholders in Philly Shipyard ASA are invited to attend an extraordinary general meeting (EGM) to be held on Friday 29 June 2018 at 12:00h (CET) at Advokatfirmaet BAHR AS, Tjuvholmen allé 16, 0252 Oslo, Norway.

Minutes from the Annual General Meeting

• April 5, 2018

Philly Shipyard ASA has today on April 5, 2018 held its Annual General Meeting.

Annual General Meeting Information and Annual Report

• March 15, 2018

The shareholders in Philly Shipyard ASA are invited to attend the annual general meeting (AGM) to be held on Thursday April 5, 2018 at 12:00h (CET) at Advokatfirmaet BAHR AS, Tjuvholmen allé 16, 0252 Oslo, Norway.

Philly Shipyard places TOTE containership project on hold and considers alternative projects

• January 26, 2018

Reference is made to a release today by TOTE where the company announced that its plans to enter the U.S. mainland to Hawai’i containership service are on hold as a result of its Phase 1 technical review of Piers 1 and 2 in Honolulu Harbor. As a result of this delay, TOTE and Philly Shipyard, Inc. (PSI) will not extend their Letter of Intent (LOI), which is set to expire on January 31, 2018.

Philly Shipyard Delivers Fourth and Final Product Tanker to Kinder Morgan

• November 20, 2017

Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), today delivered the American Pride, the fourth of four next generation 50,000 dwt product tankers that it has built for American Petroleum Tankers (APT), a subsidiary of Kinder Morgan, Inc.  The vessel was delivered ten days ahead of the contract delivery date.

Philly Shipyard announces TOTE Maritime as its partner under the previously disclosed Letter of Intent to build up to four new containerships

• August 17, 2017

Reference is made to a release today by Saltchuk where the company announced its plan to expand its domestic shipping services to Hawai’i under its TOTE Maritime brand (TOTE). Philly Shipyard, Inc. (PSI), a wholly-owned subsidiary of Philly Shipyard ASA (Oslo: PHLY), is a part of this venture and can confirm that the previously announced Letter of Intent (LOI) for the construction and sale of up to four new, cost-efficient and environmentally friendly containerships for the Hawai’i trade that was entered into between PSI and TOTE.  (Reference: Stock exchange release dated July 21, 2017).

Philly Shipyard Delivers Third Product Tanker to Kinder Morgan

• July 26, 2017

Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), today delivered the American Liberty, the third of four next generation 50,000 dwt product tankers that it is building for American Petroleum Tankers (APT), a subsidiary of Kinder Morgan, Inc.

Philly Shipyard Signs Letter of Intent with a Leading Jones Act Operator to Build Up to Four New Containerships for the Hawaii Trade

• July 21, 2017

Highlights

• Philly Shipyard and a leading Jones Act operator have executed a Letter of Intent and begun exclusive negotiations of definitive agreements
• The Letter of Intent contemplates the construction and sale of two firm plus two option (2+2) state-of-the-art, cost-effective and environment-friendly vessels for the Hawaii containership trade
• Philly Shipyard has already initiated construction of these vessels to support their optimum delivery dates

Philly Shipyard Begins Construction of Modern Containership Fleet to Support Development of New Cargo Liner Service for the Hawaii Trade

• June 8, 2017

Highlights

• Philly Shipyard is in advanced talks with a leading Jones Act operator to establish a new shipping service in the Hawaii containership trade with up to four new, state-of-the-art, cost-effective and environment-friendly vessels
• Philly Shipyard is building on its tradition of promoting new vessel owners in the Jones Act market
• Indicative terms have been issued by a maritime leasing company for a bareboat charter structure to finance the purchase of these vessels
• Former senior executives familiar with the Hawaii containership trade have been engaged to support this project
• These vessels are a continuation of the series of similar containerships currently under construction at Philly Shipyard for the Hawaii trade-lane
• Long-lead items have been ordered to support optimum delivery dates

Matson, Philly Shipyard Mark “Aloha Class” Ship Construction Milestone with Dock-Mounting Ceremony

• May 4, 2017

Philly Shipyard, Inc. (PSI), the wholly-owned U.S. subsidiary of Philly Shipyard ASA (Oslo: PHLY), and Matson, Inc. (NYSE: MATX), a leading U.S. carrier in the Pacific, today marked an important milestone in the construction of the first of two new “Aloha Class” containerships to be delivered to Matson in the third quarter of 2018 and first quarter of 2019, respectively.  Designed specifically for Hawaii service, they will be the largest containerships ever built in the U.S. 

Philly Shipyard ASA: Minutes from the Annual General Meeting

• April 7, 2017

Philly Shipyard ASA has today on April 7, 2017 held its Annual General Meeting.

Philly Shipyard Member of USCG Heavy Polar Icebreaker Design Team

• April 6, 2017

Philly Shipyard is teaming with Fincantieri Marine Group (FMG) to compete for the detail design and construction of the next generation heavy polar icebreaker for the United States Coast Guard (USCG).  The USCG recently selected five shipyards to each conduct an industry study to help refine the vessel’s key features and performance requirements.  

Philly Shipyard Delivers Second Product Tanker to Kinder Morgan

• March 29, 2017

Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), today delivered the American Freedom, the second of four next generation 50,000 dwt product tankers that it is building for American Petroleum Tankers (APT), a subsidiary of Kinder Morgan, Inc.

Annual General Meeting Information

• March 16, 2017

The shareholders in Philly Shipyard ASA are invited to attend the annual general meeting (AGM) to be held on Friday April 7, 2017 at 12:00h (CET) at Advokatfirmaet BA-HR DA, Tjuvholmen allé 16, 0252 Oslo, Norway.

Please find attached below the following AGM documents:

AGM notice

Attendance form

Proposed resolutions

Nomination committee recommendations

Guidelines for remuneration to executive management

Philly Shipyard shareholders may register here for the Annual General Meeting.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

2016 Annual Report

• March 16, 2017

Please find attached the 2016 annual report.

Annual Report

Key information relating to the cash dividend to be paid by PHLY

• February 17, 2017

Philly Shipyard Celebrates Keel Laying Milestone for Fourth Product Tanker for Kinder Morgan

• January 12, 2017

Philly Shipyard, Inc. (PSI), the wholly-owned U.S. subsidiary of Philly Shipyard ASA (Oslo: PHLY), held a ceremonial Keel Laying today for the fourth product tanker in a four vessel order for American Petroleum Tankers (APT), a Kinder Morgan, Inc. subsidiary.  

Philly Shipyard Delivers First Next Generation Product Tanker to Kinder Morgan

• November 30, 2016

Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), today delivered the American Endurance, the first of four next generation 50,000 dwt product tankers that it is building for American Petroleum Tankers (APT), a subsidiary of Kinder Morgan, Inc.

Philly Shipyard Hosts Second Annual National Apprenticeship Week Student Event

• November 16, 2016

Philadelphia, PA (November 16, 2016) – As part of President Obama’s declaration of National Apprenticeship week, Philly Shipyard, Inc. (PSI), today hosted an event to showcase its widely respected Registered Apprenticeship program. 

Philly Shipyard Celebrates Keel Laying Milestone for Third Product Tanker for Kinder Morgan

• September 21, 2016

Philly Shipyard, Inc. (PSI), the wholly-owned U.S. subsidiary of Philly Shipyard ASA (Oslo: PHLY), held a ceremonial Keel Laying today for the third product tanker in a four vessel order for American Petroleum Tankers (APT), a Kinder Morgan, Inc. subsidiary. 

Philly Shipyard ASA: Distribution of extraordinary dividend; Minutes of extraordinary general meeting

• September 12, 2016

Philly Shipyard ASA: Distribution of extraordinary dividend; Notice of extraordinary general meeting

• August 19, 2016

Reference is made to the second quarter report of Philly Shipyard ASA (the “Company”), where the Company announced its intention to pay additional extraordinary dividend following the deliveries of Hulls 024 and 025. Following the delivery of Hull 024 to Crowley and the buy-out of the Company’s joint venture interest in that vessel by Marathon, the Company has a solid cash position to pay an extraordinary distribution of dividend to the Company’s shareholders.

Key information relating to the cash dividend to be paid by PHLY

• August 19, 2016

Philly Shipyard Delivers Fourth Next Generation Product Tanker to Crowley

• August 12, 2016

Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), today delivered the West Virginia, the fourth of four next generation 50,000 dwt product tankers that it has built for Crowley Maritime Corporation (Crowley). The vessel was delivered two weeks ahead of the contract delivery date. 

Philly Shipyard Finalizes Construction Funding From Cat Financial

• May 24, 2016

Philly Shipyard ASA (Oslo: PHLY) announced today that its wholly owned U.S. subsidiary, Philly Shipyard, Inc. (PSI) has entered into a definitive loan agreement with Caterpillar Financial Services Corporation (Cat Financial) for a USD 150 million loan facility to finance the construction of four product tankers, designated as Hulls 025-028.

Philly Shipyard Celebrates Keel Laying Milestone for Second Product Tanker for Kinder Morgan

• May 18, 2016

Philly Shipyard, Inc. (PSI), the wholly-owned U.S. subsidiary of Philly Shipyard ASA (Oslo: PHLY), held a ceremonial Keel Laying today for the second product tanker in a four vessel order for American Petroleum Tankers (APT), a Kinder Morgan, Inc. subsidiary. 

Philly Shipyard Delivers Third Next Generation Product Tanker to Crowley

• April 15, 2016

Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), today delivered the Louisiana, the third of four next generation 50,000 dwt product tankers that it is building for Crowley Maritime Corporation (Crowley). The 600-foot tanker has a carrying capacity of 14.5 million gallons of crude oil or refined products.

Minutes from the Annual General Meeting

• April 13, 2016

Philly Shipyard ASA has today on 13 April 2016 held its Annual General Meeting. All proposals to the AGM were approved.

The Board of Directors now consists of:

Jim Miller (Chairman)

Audun Stensvold (Deputy Chairman)

Amy Humphreys

Elin Karfjell

The minutes of the meeting are attached below in Norwegian and English, as well as the AGM presentation.

AGM Minutes - English

AGM Minutes - Norwegian

AGM Presentation

Annual General Meeting Information

• March 22, 2016

The shareholders in Philly Shipyard ASA are invited to attend the annual general meeting (AGM) to be held on Wednesday April 13, 2016 at 14:00h (CET) at Advokatfirmaet BA-HR DA, Tjuvholmen allé 16, 0252 Oslo, Norway.

Please find attached below the following AGM documents:

AGM notice

Attendance form

Proposed resolutions

Nomination committee recommendations

Guidelines for remuneration to executive management

Philly Shipyard shareholders may register here for the Annual General Meeting.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

2015 Annual Report

• March 22, 2016

Please find attached the 2015 Annual Report for Philly Shipyard.

The company's 2015 Annual Report shows net income for 2015 of USD 17.4 million. In comparison, the company's Q4 2015 Report showed a preliminary net income for 2015 of USD 19.0 million. The reduction of net income for 2015 is due to a deferred tax expense of USD 1.6 million related to unrealized foreign currency gains for tax purposes on an intercompany loan at the parent company.

2015 Annual Report

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
 

Jim Miller elected as new Chairman of the Board

• February 1, 2016

Philly Shipyard ASA has today held an extraordinary general meeting regarding the election of Jim Miller as new Chairman of the Board. The minutes from the general meeting are attached below in Norwegian and English.

Philly Shipyard Holds Ceremonial Keel Laying for First Product Tanker for Kinder Morgan

• January 27, 2016

Philly Shipyard, Inc. (PSINC), the wholly-owned U.S. subsidiary of Philly Shipyard ASA (Oslo: PHLY), held a ceremonial Keel Laying for the first product tanker in a four vessel order for American Petroleum Tankers (APT), a Kinder Morgan, Inc. subsidiary.  When completed at the end of this year, the vessel will be 600 feet long and capable of carrying 50,000 tons of crude oil or refined petroleum products.

Jim Miller Nominated to be Chairman of Philly Shipyard

• January 11, 2016

Philly Shipyard ASA (Oslo: PHLY) announces that Jim Miller has been nominated to be Chairman of the Board of Directors of Philly Shipyard. Mr. Miller previously held this role from 2011 until 2014. This nomination is expected to be approved at an extraordinary general meeting on February 1, 2016.

Philly Shipyard Secures Commitment for a USD 150 Million Construction Loan Facility from Cat Financial

• December 30, 2015

Philly Shipyard, Inc. (PSINC), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), announced today that it has signed a commitment letter with Caterpillar Financial Services Corporation (Cat Financial) for a USD 150 million loan facility to finance the construction of four next generation 50,000 dwt product tankers, designated as Hulls 025-028. 

Philly Shipyard Delivers Second Next Generation Product Tanker to Crowley

• December 23, 2015

Philly Shipyard, Inc. (PSINC), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), today delivered the Texas, the second of four next generation 50,000 dwt product tankers that it is building for Crowley Maritime Corporation (Crowley). The 600-foot tanker has a carrying capacity of 14.5 million gallons of crude oil or refined products.

Aker Philadelphia Shipyard Becomes Philly Shipyard

• December 1, 2015

At an extraordinary general meeting held earlier today, shareholders of Aker Philadelphia Shipyard ASA (OSLO: AKPS) approved a proposal to change the company’s name to Philly Shipyard ASA. Accordingly, Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of AKPS, will likewise change its name to Philly Shipyard, Inc. effective today. 

Aker Philadelphia Shipyard: Company Name Change to Philly Shipyard Approved—Minutes from Extraordinary General Meeting

• November 30, 2015

Aker Philadelphia Shipyard ASA has today held an extraordinary general meeting regarding the Board of Directors’ proposal to change the Company’s name to Philly Shipyard ASA. The extraordinary general meeting approved the Board of Directors’ proposal.

Distribution of dividend

• November 5, 2015

On 4 November 2015, 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 10 November 2015, of USD 0.25 per share, in aggregate USD 3,026,975.25.

Proposal to Change Company Name - Notice of Extraordinary General Meeting

• November 5, 2015

The Board of Directors of Aker Philadelphia Shipyard ASA (the “Company”) has resolved to propose that the Company’s name is amended to Philly Shipyard ASA.

The shareholders of the Company are invited to attend an extraordinary general meeting to be held on Monday November 30, 2015, at 14:00 (CET) at Advokatfirmaet BA-HR DA, Tjuvholmen allé 16, 0252 Oslo, Norway, to approve the contemplated change of name.

Please find attached below the notice of the extraordinary general meeting and the attendance/proxy form.

EGM Notice - Norwegian
EGM Notice - English

EGM Attendance and Proxy - Norwegian
EGM Attendance and Proxy - English

Investors - register here to attend Aker Philadelphia Shipyard ASA‘s Extraordinary General Meeting on 30 November 2015.

Aker Philadelphia Shipyard Starts Construction on Third and Fourth Product Tankers for Kinder Morgan

• October 7, 2015

Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), began production activities today on the third and fourth 50,000 dwt product tankers in a four vessel order for American Petroleum Tankers, a Kinder Morgan Inc. subsidiary (APT). The two product tankers are scheduled for delivery in 2017 and are the culmination of a series of eight product tankers being built at the shipyard for APSI’s customers.

Aker Philadelphia Shipyard Starts Construction on Aloha Class Containerships for Matson

• October 1, 2015

Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), began production activities today on two 3,600 TEU “Aloha Class” containerships that it is building for Matson Navigation Company, Inc. (Matson). The contracts for the vessels were originally signed in 2013 for a total value of $418 million, with deliveries expected in Q3 and Q4 of 2018.  

Aker Philadelphia Shipyard Delivers First Next Generation Product Tanker to Crowley

• October 1, 2015

Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), yesterday delivered the Ohio, the first of four next generation 50,000 dwt product tankers that it is building for Crowley Maritime Corporation (Crowley).

Aker Philadelphia Shipyard Agrees To Sell Its Interest in Product Tanker Joint Venture to Marathon Petroleum

• September 22, 2015

Aker Philadelphia Shipyard ASA (OSLO: AKPS) 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.

Aker Philadelphia Shipyard Holds Ceremonial Keel Laying for Fourth Next Generation Product Tanker

• September 18, 2015

Upcoming apprentice graduates recognized at ceremony

Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S. subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), held a ceremonial Keel Laying for the fourth of four product tankers that it is building with Crowley Maritime Corporation (Crowley).  

Philly Tankers Agrees to Sell Four Product Tanker Contracts to Kinder Morgan

• August 10, 2015

Philly Tankers AS announced today that its wholly-owned U.S. subsidiary, Philly Tankers LLC, has signed definitive documentation with a subsidiary of Kinder Morgan, Inc. for the assignment of its existing contracts for the construction of four 50,000 dwt product tankers.  The vessels will be constructed by Aker Philadelphia Shipyard, Inc. and are planned to be delivered between November 2016 and November 2017.

Aker Philadelphia Shipyard Announces Name Change to Philly Shipyard

• July 16, 2015

Aker Philadelphia Shipyard ASA (OSLO: AKPS) 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.

Aker Philadelphia Shipyard Announces Appointment of New CFO

• June 26, 2015

Aker Philadelphia Shipyard ASA (Oslo:  AKPS) is pleased to announce that Jan Ivar Nielsen (born 1962) will be joining the company as Chief Financial Officer effective September 2015. Since 2009, Mr. Nielsen has held the position of CFO of VARD Holdings, a publicly listed global designer and builder of offshore and specialized vessels with ten facilities across Europe, Asia and South America.