Aker's 53 pct-owned unit, Aker American Shipping (AAS), said it has decided to split its business into a shipyard and a separate ship-owning company in order to improve its presence in the key US market.
'Both the shipyard and the ship-owning company are already capable of stand-alone operations,' said Leif-Arne Langoy, Aker chief executive and chairman of AAS.
'The split is an aggressive measure to further advance businesses in the US market.'
Under the plans, American Shipping Corporation will be a vessel-owning subsidiary of AAS, while the shipyard activities will be organised into the newly-established company Aker Philadelphia Shipyard (APS), the firm said.
AAS said the splitting of the business means it will offer existing and new shareholders the opportunity to acquire shares in APS.
AAS said that as part of the transaction APS will carry out a 25 mln usd share issue at a price range that values APS's equity at between 70-80 mln usd.
'Aker aims to buy a sufficient number of shares in the offering to maintain an ownership interest in APS of at least 53 pct,' Langoy said.
Aker American Shipping currently has a fleet of ten product tankers and two shuttle tankers, under construction or chartered to customers.
In 2007, three product tankers have been delivered and chartered, while the nine remaining vessels will be delivered in the period 2008-11.
'Both the shipyard and the ship-owning company are already capable of stand-alone operations,' said Leif-Arne Langoy, Aker chief executive and chairman of AAS.
'The split is an aggressive measure to further advance businesses in the US market.'
Under the plans, American Shipping Corporation will be a vessel-owning subsidiary of AAS, while the shipyard activities will be organised into the newly-established company Aker Philadelphia Shipyard (APS), the firm said.
AAS said the splitting of the business means it will offer existing and new shareholders the opportunity to acquire shares in APS.
AAS said that as part of the transaction APS will carry out a 25 mln usd share issue at a price range that values APS's equity at between 70-80 mln usd.
'Aker aims to buy a sufficient number of shares in the offering to maintain an ownership interest in APS of at least 53 pct,' Langoy said.
Aker American Shipping currently has a fleet of ten product tankers and two shuttle tankers, under construction or chartered to customers.
In 2007, three product tankers have been delivered and chartered, while the nine remaining vessels will be delivered in the period 2008-11.