Fourth quarter 2007 - Aker Philadelphia Shipyard Inc. (APSI) was successfully sold by Aker American Shipping (AKASA) to new and existing investors at the high end of the book building range and subsequently listed as a separate entity on the Oslo Axess December 17th 2007 as Aker Philadelphia Shipyard ASA (AKPS).
Aker American Shipping received gross proceeds of approximately USD 80m which will be used to fund its shipbuilding program with Aker Philadelphia Shipyard. With this event, a strengthened US shipping company has emerged which will be focused on building the premier ownership position in the Jones Act market. Aker American Shipping's 13 vessel flexible option agreement, signed with Aker Philadelphia Shipyard on October 30, 2007, will provide the platform for ambitious growth plans in the future.
Enclosed please find the Q4 2007 report.
