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.

“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. The new name also represents the proud tradition of shipbuilding in Philly and the City with which we are so intimately linked.” 

The name change coincides with the announcement of Aker Philadelphia Shipyard’s plan to divest its portfolio of shipping assets, streamlining the business and drawing an end to a successful build-up of investments as a partial owner in eight Jones Act product tankers with an approximate contract value of USD 1 billion.

Kristian Rokke, Aker Philadelphia Shipyard’s Chairman, remarked “The planned divestment of our shipping assets will show that we have created significant shareholder value and will greatly focus the business going forward. While we will remain opportunistic in our investment approach, the name change comes at a natural time and will better illustrate how the shipyard connects with its stakeholders as a strong, stand-alone, Philadelphia-based company.”

The company intends to change the ticker symbol AKPS and expects that, pending shareholder approval, the name change will be complete by the end of the year.

Aker Philadelphia Shipyard is a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market.  It possesses a state-of-the-art shipbuilding facility and has earned a reputation as the preferred provider of oceangoing merchant vessels with a track record of delivering quality ships. Aker Philadelphia Shipyard is listed on the Oslo Stock Exchange and is majority-owned by Converto Capital Fund, which in turn is majority-owned by Aker ASA. Aker is a Norwegian industrial investment company that creates value through active ownership.  Aker's investment portfolio is concentrated on key Norwegian industries that are international in scope: oil and gas, fisheries and biotechnology, and marine assets. Aker's industrial holdings comprise ownership interests in Aker Solutions, Kvaerner, Det norske oljeselskap, Aker BioMarine, Ocean Yield, Havfisk and Akastor.