Philadelphia, November 11, 2014 - Reference is made to the open market partial tender offer (the "Offer") for shares in Aker Philadelphia Shipyard ASA (OSE: AKPS) (the "Company") announced on November 10, 2014.
AKPS has accepted all shares tendered in the Offer, amounting to 281,662 shares. The total consideration was NOK 35,207,750 (approximately USD 5,177,610) with a purchase price of NOK 125 per share.
Following the transaction, AKPS holds a total of 466,865 own shares, constituting approximately 3.71% of the Company's shares and votes.
The Offer was part of the buy-back program announced by AKPS on July 17, 2014. The Company will continue to conduct its buy-back program in accordance with the authorization granted to the Board of Directors by the Annual General Meeting on April 9, 2014 to purchase up to 10% of the Company's share capital. Pareto Securities has been engaged by the Company to carry out the buy-back program.
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Aker Philadelphia Shipyard is a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market. It possesses a state-of-the-art shipbuilding facility and has earned a reputation as the preferred provider of oceangoing merchant vessels with a track record of delivering quality ships. Aker Philadelphia Shipyard is listed on the Oslo Stock Exchange and is majority-owned by Converto Capital Fund, which in turn is majority-owned by Aker ASA. Aker is a Norwegian industrial investment company that creates value through active ownership. Aker's investment portfolio is concentrated on key Norwegian industries that are international in scope: oil and gas, fisheries and biotechnology, and marine assets. Aker's industrial holdings comprise ownership interests in Aker Solutions, Kvaerner, Det norske oljeselskap, Aker BioMarine, Ocean Yield and Havfisk.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.