Aker Philadelphia Shipyard to Offload Its Shipping Assets, Change Name

Oslo-listed Aker Philadelphia Shipyard ASA has revealed plan to divest its portfolio of shipping assets, drawing an end to a build-up of investments as a partial owner in eight Jones Act product tankers with an approximate contract value of USD 1 billion.

The divestment coincides with the name change 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.

“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,” said Kristian Rokke, Aker Philadelphia Shipyard’s Chairman.

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.

“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 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.

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