Philadelphia,
PA (August 17, 2017). Reference is made to a release today by
Saltchuk where the company announced its plan to expand its
domestic shipping services to Hawai'i under its TOTE Maritime brand
(TOTE). Philly Shipyard, Inc. (PSI), a wholly-owned subsidiary of
Philly Shipyard ASA (Oslo: PHLY), is a part of this venture and can
confirm that the previously announced Letter of Intent (LOI) for
the construction and sale of up to four new, cost-efficient and
environmentally friendly containerships for the Hawai'i trade that
was entered into between PSI and TOTE. (Reference: Stock
exchange release dated July 21, 2017).
TOTE is a leading transportation
and logistics company, overseeing some of the most trusted
companies in the U.S. domestic trade. TOTE Maritime Alaska and TOTE
Maritime Puerto Rico bring a focus on reliability and service to
their respective markets and operate the most environmentally
friendly cargo fleet in the United States.
"Philly Shipyard is very excited
to have TOTE as its partner under the LOI and fully supports the
efforts to introduce new vessels into the Hawai'i containership
trade to replace aged ships in time to meet new environmental
regulations," remarked Steinar Nerbovik, PSI's President &
CEO.
As previously announced, PSI has
already begun construction of the vessels outlined in the LOI to
support their optimal delivery dates.
About Philly
Shipyard:
Philly Shipyard is a leading U.S. commercial shipyard constructing
vessels for operation in the Jones Act market. It possesses a
state-of-the-art shipbuilding facility and has earned a reputation
as the preferred provider of oceangoing merchant vessels with a
track record of delivering quality ships. Philly Shipyard is listed
on the Oslo Stock Exchange and is majority-owned by Aker Capital
AS, which in turn is wholly-owned by Aker ASA. Aker is a Norwegian
industrial investment company that creates value through active
ownership. Aker's investment portfolio is concentrated on key
Norwegian industries that are international in scope: oil and gas,
fisheries and biotechnology, and marine assets. Aker's industrial
holdings comprise ownership interests in Aker Solutions, Kvaerner,
Aker BP, Aker BioMarine, Ocean Yield and Akastor.
Philly Shipyard has delivered 27
vessels in its nearly 20 year history, including four vessels for
use in the Hawai'i containership trade which were delivered in
2003-2006. Currently, Philly Shipyard is building one 50,000 dwt
tanker for a subsidiary of Kinder Morgan, Inc. (Hull 028) and two
3,600 TEU containerships for use in the Hawai'i trade for Matson
Navigation Company, Inc. (Hulls 029 and 030). As discussed
above, Philly Shipyard has also initiated construction of up to
four containerships for use in the Hawai'i trade for its own
account (Hulls 031-034). For more information on Philly
Shipyard transactions and projects, please visit
www.phillyshipyard.com.
Important
information about this release:
This information is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act.
This press 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 Philly Shipyard ASA and
its subsidiaries and affiliates (the "Philly Shipyard Group") lines
of business. These expectations, estimates, and projections are
generally identifiable by statements containing words such as
"expects", "believes", "estimates," "anticipates," "intends" 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 Philly
Shipyard Group's businesses, oil prices, market acceptance of new
products and services, changes in existing laws and governmental
regulations, interest rates, fluctuations in currency exchange
rates and such other factors as may be discussed from time to time.
Although Philly 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
Philly Shipyard ASA nor any other company within the Philly
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 Philly Shipyard ASA,
any other company within the Philly 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. Philly 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.
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.