AKPS Completes $60m Private Placement

Aker Philadelphia Shipyard ASA has completed a private placement of $60 million in a book building process directed primarily towards U.S. institutional investors.

The share issue was substantially over- subscribed. The CEO of Aker Philadelphia Shipyard, Kristian Røkke, commented: “We appreciate the strong interest shown in AKPS and are pleased to have strengthened our balance sheet in a way that gives flexibility to capitalize on attractive opportunities in the Jones Act.”

The Private Placement will increase the company’s financial flexibility, and the net proceeds will be used to provide for near-term funding of the tankers being built in partnership with Crowley, fund the equity investment in these vessels and other potential joint venture vessels, and provide for general corporate purposes.

The completion of the Equity Raise is, among other things, conditional upon shareholder approval at an extraordinary general meeting to be convened, and planned to be held on or about 7 February, 2014 (the Shareholders Meeting).

[mappress]

Press Release, January 17, 2014