PHILLY SHIPYARD ASA 
By Aker Philadelphia Shipyard ASA (OSLO AKPS) is pleased to announce that it has completed a private placement of USD 60 million, or 2.25 million shares at an issue price of NOK 165 per share, in a book building process directed primarily towards U.S. institutional investors. The share issue was substantially over-subscribed.
Aker Philadelphia Shipyard ASA (OSLO AKPS) is pleased to announce that it has completed a private placement of USD 60 million, or 2.25 million shares at an issue price of NOK 165 per share, in a book building process directed primarily towards U.S. institutional investors. The share issue was substantially over-subscribed.
The CEO of Aker Philadelphia Shipyard, Kristian Røkke, commented: "We appreciate the strong interest shown in AKPS and are pleased to have strengthened our balance sheet in a way that gives flexibility to capitalize on attractive opportunities in the Jones Act."
The Private Placement will increase the Company's financial flexibility, and the net proceeds will be used to provide for near-term funding of the tankers being built in partnership with Crowley, fund the equity investment in these vessels and other potential joint venture vessels, and provide for general corporate purposes.
At the issue price, the market capitalization would increase from NOK 1,677 million to NOK 2,049 million, thereby increasing free float and liquidity in the share to the benefit of the Company's shareholders. The equity issue is subject to approval by an Extraordinary General Meeting, expected to be held on or about 7 February, 2014. The Board intends to carry out a subsequent offering of up to 337,000 shares, or fifteen percent (15%) of the completed private placement, in order to offer shares to existing shareholders that did not participate in the private placement.
Converto Capital Fund AS currently owns 7,237,631 shares in the Company. Upon approval of the equity issue at the Extraordinary General Meeting, Converto Capital Fund AS will own the same number of shares as it owns today and those shares will represent 58.3% of the outstanding shares (after giving effect to the completion of the private placement, but not the subsequent offering).
For further details of the transaction, please see the stock exchange notice "AKPS Equity Raising - Transaction Details" distributed separately today.
Pareto Securities has acted as Sole Manager in the private placement. Advokatfirmaet BA-HR DA has acted as legal adviser to AKPS in connection with the private placement.
Please see the attached Company presentation for more information.
For further information, please contact:
Aker Philadelphia Shipyard ASA
Kristian Røkke, CEO
Philadelphia, PA, USA
Tel: +1 215 875 2745
Jeff Theisen, CFO
Philadelphia, PA, USA
Tel: +1 215 875 2678
Important Information About this Release
This information is subject to disclosure under the Norwegian Securities Act, Section 5-12.
This announcement is not and does not form a part of any offer for sale of any securities. Not for release, publication or distribution, directly or indirectly, in the United States, or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.
These materials are not an offer for sale of securities in any jurisdiction. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). Aker Philadelphia Shipyard ASA does not intend to register of its securities in the United States.
This release includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker Philadelphia Shipyard ASA and its subsidiaries and affiliates (the "Aker Philadelphia Shipyard Group") lines of business. These expectations, estimates, and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the Aker Philadelphia Shipyard Group's businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Aker Philadelphia Shipyard ASA believes that its expectations and the information in this press release were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this press release. Neither Aker Philadelphia Shipyard ASA nor any other company within the Aker Philadelphia Shipyard Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the press release, and neither Aker Philadelphia Shipyard ASA, any other company within the Aker Philadelphia Shipyard Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the press release.
Aker Philadelphia Shipyard ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the press release, other than what is required by law.
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