Aker Philadelphia Shipyard, Inc. (Aker) is the U.S. operating subsidiary of Aker Philadelphia Shipyard ASA, a publicly traded company listed on the Oslo Stock Exchange (AKPS) and headquartered in Oslo, Norway (AKPS). AKPS is part of the larger Aker Group of Companies, which are majority owned by by Kjell Inge Røkke. The commercial shipyard was established in 1997 by Kværner Philadelphia Shipyard as part of the City of Philadelphia’s efforts to convert the former U.S. naval base beginning in 1995. Aker acquired Kværner in 2005 to manufacture oceangoing tanker vessels based on a design from their affiliated shipyard in Germany and modified by Aker to meet the needs of the U.S. domestic markets. Since then, in addition to four container vessels, Aker has delivered 14 product tankers to major international shipping companies such as Matson and OSG as its purchasers.
Aker has entered into a shipbuilding contract with Crowley Petroleum Services, Inc. (“Crowley”), a company in Crowley Maritime Corporation’s petroleum and transportation group. Crowley is a privately owned U.S. transportation and logistics company that employs approximately 5,300 people and has revenues of $1.8 billion. Under the contract, Aker will construct four product tankers (Hull Numbers 21, 22, 23, and 24). In addition, Aker and Crowley will partner together for the ownership, chartering, and operation of Hull Nos. 21-24. The tankers will be jointly owned by Aker and Crowley, and under time charter contracts with major oil companies. At a cost of approximately $108 million to build each tanker, construction of the tankers will partially overlap, with the first tanker delivered approximately Third Quarter of 2015 and the fourth tanker delivered in the Second Quarter of 2016
