AKPS Sells Interests in Two Tankers to Crowley (USA)

Aker Philadelphia Shipyard ASA has entered into an agreement with Crowley for the sale of AKPS’s profit sharing interests in Hulls 17 and 18 for total cash proceeds of USD 40 million.

This sale includes the profit sharing on the two product tankers delivered to Crowley in August 2012 (the Pennsylvania) and January 2013 (the Florida). It does not include the company’s interests in the four joint venture vessels currently under contract with Crowley, designated as Hulls 21-24.

Kristian Rokke, AKPS’s President and CEO, commented, “This sale represents a small step in a larger strategy to maximize the value of our shipping assets over time. This particular step allows AKPS to realize significant profit on a transaction conducted nearly two years ago in tough market conditions.Mr. Rokke continued, “Our goal is to put money back in the hands of shareholders, and given our confidence in being able to finance the company’s expected investment in Hulls 25-28, I expect AKPS to pay substantially all of the expected net proceeds from this sale as a dividend in May 2014.

It is expected that, as a result of the sale of AKPS’s profit sharing interests in Hulls 17 and 18 to Crowley, the net proceeds after taxes and fees will be approximately USD 33 million. As previously communicated, AKPS is in discussions with several interested parties for Hulls 25-28, all of which contemplate AKPS retaining significant shipping exposure.

Interest in the slots continues to be high and the company expects to announce its plans for Hulls 25-28 during 2014. APSI currently has under construction two 115,000 dwt crude oil carriers for SeaRiver Maritime, Inc., ExxonMobil Corporation’s U.S. marine affiliate, and one 50,000 dwt product tanker for the joint venture with Crowley.

APSI also has firmed contracts for the construction of three additional 50,000 dwt product tankers for the joint venture with Crowley and contracts for two 3,600 teu containerships with Matson Navigation Company, Inc.

Aker Shipyard, April 1, 2014

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