AMSC Eyes Product Tankers

Aker Philadelphia Shipyard ASA (AKPS) is working with several interested parties to enter into definitive shipbuilding contracts for four product tankers (Hulls 025-028) and agreement for joint ownership in the vessels.

American Shipping Company ASA (AMSC) has a positive outlook on the Jones Act market for product tankers, and has previously informed the market that the company is looking for accretive growth opportunities.

As a consequence, AMSC has decided to enter into discussions with AKPS about a potential transaction involving Hulls 025-028 and possibly also other shipping assets. The discussions are at an early stage, and the form or content of any contract or cooperation has not yet been decided.

The discussions are being conducted on an arms-length basis, and are currently non-exclusive and non- binding.

[mappress]
March 14, 2014