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. 

The change of name to Philly Shipyard ASA will be registered with the Norwegian Register of Business Enterprises on December 1, 2015.  In addition, Philly Shipyard ASA will change its ticker symbol on the Oslo Axess from “AKPS” to “PHLY” effective December 3, 2015.  There is no change in ownership associated with this name change.  Converto Capital Fund AS, an investment fund controlled by Aker ASA, remains the majority shareholder, holding 57.56% of the shares as of today.

“Changing our name signifies our strategy to refocus the business on shipbuilding, following the agreements reached last quarter to divest our shipping assets. Our new name is simple yet distinctive, and better defines who we are and where we are going,” remarked Steinar Nerbovik, Philly Shipyard’s President and CEO. “As a stand-alone Philadelphia-based company, we continue our focus on building safe and quality ships that support the nation’s commerce.” 

The company’s name change follows the execution in Q3 2015 of definitive documents to divest its portfolio of shipping assets, streamlining the business and marking a successful conclusion to an innovative plan to invest in eight Jones Act product tankers with an approximate contract value of USD 1 billion through the AKPS-Crowley joint venture and Philly Tankers AS.

Coinciding with the name change, the company’s website (www.akerphiladelphia.com) has been updated and its web address has been changed to www.phillyshipyard.com. Company email addresses and other contact information will remain unchanged.

Philly Shipyard, Inc. 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. Philly Shipyard ASA is listed on the Oslo Stock Exchange and is majority-owned by Converto Capital Fund AS, 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.