PRESS RELEASES

Kristian Rokke Nominated to be Executive Chairman of AKPS; Steinar Nerbovik to be Appointed AKPS’s Managing Director (19.03.14)

Aker Philadelphia Shipyard ASA (Oslo: AKPS) announces that Kristian Rokke, AKPS’s President and CEO, has been nominated to be Executive Chairman of the Board of Directors of AKPS. This nomination is expected to be approved at the Company’s Annual General Meeting on April 9, 2014. Steinar Nerbovik, who is currently Senior Vice President of Operations of Aker Philadelphia Shipyard, Inc., AKPS’s wholly-owned subsidiary (APSI), will assume the position of Managing Director of both AKPS and APSI. 

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2013 Annual Report (19.03.14)

Please find attached the 2013 Annual Report.

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AKER PHILADELPHIA SHIPYARD CRANE INCIDENT UPDATE (12.02.14)



Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S. subsidiary of Aker Philadelphia Shipyard ASA (AKPS), releases the following update regarding an incident that occurred early this morning at its facility. This update is being provided to correct numerous factually incorrect news reports released today.

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Aker Philadelphia Shipyard Starts Construction of First Product Tanker for Joint Venture with Crowley (06.01.14)

Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S. subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), began production activities today on the first product tanker that it is building for its joint venture with Crowley. Crowley and APSI have signed contracts for the first four tankers, with a total contract value of approximately $500 million.
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Aker Philadelphia Shipyard Holds Ceremonial Keel Laying for Second Aframax Tanker for Seariver Maritime, Inc. (18.11.13)


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 (14.11.13)

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 (08.11.13)

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 (06.11.13)

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 (09.08.13)

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 (31.01.13)

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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Aker Philadelphia Shipyard Starts Construction of Second Aframax Tanker for SeaRiver Maritime, Inc. (19.12.12)

Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), began production activities today on the second of two Aframax tankers that it is building for SeaRiver Maritime, Inc. (SeaRiver), Exxon Mobil Corporation’s U.S. marine affiliate. The construction of the two tankers, valued at $400 million, will create more than 1,000 jobs.
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Aker Philadelphia Shipyard Holds Ceremonial Keel Laying for First Aframax Tanker for SeaRiver Maritime, Inc. (17.10.12)

Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), held a ceremonial keel laying today for the first of two Aframax tankers that it is building for SeaRiver Maritime, Inc. (SeaRiver), Exxon Mobil Corporation’s U.S. marine affiliate. The construction of the two tankers, valued at $400 million, will create more than 1,000 jobs. 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 Delivers Seventeenth Vessel (30.08.12)

Aker Philadelphia Shipyard ASA (Oslo: AKPS), a leading U.S. commercial shipyard has delivered to Crowley a Veteran Class MT-46 product tanker. This is the thirteenth product tanker that the shipyard has completed and the seventeenth vessel overall. The product tankers are 600 feet long and have a cargo capacity of 46,000 dwt.
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AKER PHILADELPHIA SHIPYARD AND CROWLEY ANNOUNCE AGREEMENT FOR THE SALE AND PURCHASE OF TWO PRODUCT TANKERS (20.08.12)

Aker Philadelphia Shipyard ASA (Oslo: AKPS) has announced that certain wholly owned subsidiaries of AKPS and Crowley Petroleum Services, Inc. (CPS) have entered into binding agreements which will result in the sale of two product tankers by Aker Philadelphia Shipyard, Inc. (APSI) to Crowley Tankers, LLC (CT). These vessels are designated as APSI Hulls 017 and 018. APSI has been building these vessels for its own account since 2011 and they are scheduled for delivery in August 2012 and February 2013, respectively.
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AKER PHILADELPHIA SHIPYARD HOLDS CEREMONIAL KEEL LAYING FOR 14th PRODUCT TANKER (03.04.12)

This is the 18th Keel Laying Ceremony since the yard’s inception

PHILADELPHIA, PA (April 2, 2011) – Aker Philadelphia Shipyard (Oslo: AKPS), a leading U.S. commercial shipyard, held a ceremonial keel laying this morning for Ship 018, the 14th product tanker being built at the yard.

Following long held shipbuilding tradition, coins were placed on one of the keel blocks that support the vessel during construction before the section of the ship was lowered into place. These coins are a ceremonial sign of good fortune and safe travels. The small ceremony was conducted with the most recent class of the shipyard’s Apprenticeship Program and two apprentice graduates who have risen to the position of supervisor. The Apprenticeship Program is a three year, accredited program administered by the shipyard that provides a combination of classroom and on-the-job training to create the next generation of shipbuilders.

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AKER PHILADELPHIA SHIPYARD STARTS CONSTRUCTION OF AFRAMAX TANKER FOR SEARIVER MARITIME (07.03.12)

SeaRiver President, Jack Buono, and APSI CEO, Kristian Rokke
Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), began production activities today on the first of two Aframax tankers that it will build for SeaRiver Maritime, Inc. (SeaRiver), Exxon Mobil Corporation’s U.S. marine affiliate. When completed in 2014, the vessels will be 820 feet long and be capable of carrying 115,000 tons of crude oil.
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AKER PHILADELPHIA SHIPYARD HOLDS CEREMONIAL KEEL LAYING FOR 13th PRODUCT TANKER (25.10.11)


Union Management Safety Committee
This is the 17th Keel Laying Ceremony since the yard’s inception

Aker Philadelphia Shipyard (Oslo: AKPS), a leading U.S. commercial shipyard, held a ceremonial keel laying this morning for Ship 017, the 13th product tanker being built at the yard.
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AKER PHILADELPHIA SHIPYARD AND EXXONMOBIL MARINE AFFILIATE SIGN DEFINITIVE DOCUMENTATION FOR THE CONSTRUCTION OF TWO AFRAMAX TANKERS (29.09.11)

At a ceremony at its shipyard attended by Governor Corbett, Mayor Nutter, and others, Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), signed definitive documentation for the construction of two aframax tankers with SeaRiver Maritime, Inc. (SeaRiver), Exxon Mobil Corporation’s U.S. marine affiliate.
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AKER PHILADELPHIA SHIPYARD AND EXXONMOBIL AFFILIATE SIGN LETTER OF INTENT FOR THE CONSTRUCTION OF TWO AFRAMAX TANKERS (25.07.11)

Aker Philadelphia Shipyard ASA (Oslo: AKPS) announced today that its sole operating subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has signed a Letter of Intent with SeaRiver Maritime, Inc. (SeaRiver), Exxon Mobil Corporation’s U.S. marine affiliate, for the construction of two aframax tankers. The 820 foot long, 115,000 deadweight ton 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 FUNDING FROM CATERPILLAR FINANCIAL (01.06.11)

Aker Philadelphia Shipyard, Inc., the sole operating subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), has entered into a loan agreement with Caterpillar Financial Services Corporation (Cat Financial) for a construction loan facility and contingent floorplan loan facility totaling USD 80 million.
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AKER PHILADELPHIA SHIPYARD DELIVERS TWELFTH PRODUCT TANKER (29.04.11)

Overseas Tampa
The twelfth Veteran Class MT-46 Product Tanker is the sixteenth vessel built by the shipyard

Aker Philadelphia Shipyard (Oslo: AKPS), a leading U.S. commercial shipyard, delivered to American Shipping Company (Oslo: AMSC) the shipyard’s twelfth Veteran Class MT-46 product tanker. The 46,000 dwt vessel, named the Overseas Tampa, will leave the shipyard in the coming days under the operation of Overseas Shipping Group (OSG) to transport petroleum products.
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Agreement for the Construction of Two Additional Tankers at Aker Philadelphia Shipyard Successfully Closed (31.03.11)

Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), announced today that yesterday the transactions contemplated by the agreement signed in mid-December 2010 between APSI and the Philadelphia Shipyard Development Corporation (PSDC), which agreement was disclosed in AKPS’s releases on January 2, 2011 and February 18, 2011, were formally closed. The closing of the transactions secures the yard’s ability to finance the construction of two product tankers, Ships 17 and 18.
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Aker Philadelphia Shipyard announces new CEO (24.03.11)

Kristian Røkke has been appointed President and CEO of Aker Philadelphia Shipyard ASA (AKPS). He replaces Jim Miller who has been appointed Executive Vice President of Aker Contractors’ US Onshore Engineering & Construction business and member of Aker Contractors’ new Executive Management Team. Mr. Miller is also nominated for the position as Chairman of the Board at Aker Philadelphia Shipyard.
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