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.

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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.

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2016 Annual Report

  • March 16, 2017

Please find attached the 2016 annual report.

Annual Report

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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.  

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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.

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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. 

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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. 

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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.

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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. 

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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.

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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. 

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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.

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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

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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.

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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.
 

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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.

 

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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.

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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.

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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. 

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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.

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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. 

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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.

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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.

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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.

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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.

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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.  

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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).

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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.

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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).  

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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.

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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.

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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.

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