Aker Philadelphia Shipyard ASA (AKPS) has today announced the agreement to sell two product tankers, vessel 17 and 18, to a subsidiary of Crowley Petroleum Services, Inc.
As previously communicated, Aker ASA has provided guarantees and USD 30 million of construction financing towards the project. The loan will be repaid in full upon delivery of vessel 18, expected in February 2013 and Aker's guarantees will terminate in two tranches on delivery of each vessel.
The company anticipates that the transaction will result in cumulative gains in excess of USD 25 million, recognized as each vessel is delivered, with the potential for future additional income based on a variable component of the purchase price.
Please see separate release of even date from Aker Philadelphia Shipyard ASA for further details regarding the transaction.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)