Philly Tankers Step Closer to Its First Vessels

Following the announcement of 10 June 2014 by Aker Philadelphia Shipyard ASA  (AKPS) Philly Tankers had successfully secured equity commitments necessary to finance the purchase of two product tankers from AKPS with deliveries in 2016 and 2017.

As planned, the conditions precedent to the closing of the Transaction, including the execution and delivery of satisfactory definitive documentation and the approval by the general meeting of American Shipping Company of its participation in the Transaction, have been satisfied and the Transaction is now closed. 

In connection with the Transaction, AKPS and Philly Tankers, through their subsidiaries, have entered into firm contracts for two eco-design product tanker newbuilds and options for two additional vessels of the same type, as more particularly described in the June 10th announcement.
 
 
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.