Aker Splits in Two

Aker American Shipping has reviewed current plans and identified strong reasons for continuing the process of streamlining operations by splitting the company into two stock-exchange-listed corporations: a ship-owning company and a shipyard.

In the same meeting the board approved the company's third quarter accounts. They show that both the ship-owning business and the shipyard have strengthened their position in robust and promising U.S. markets.

An application will be submitted to the Oslo Stock Exchange for a listing on Oslo Axess from the new yard company that will be named Aker Philadelphia Shipyard ASA. Aker American Shipping will provide further information on any transactions as soon as a decision is finalized.

"Such a split can be regarded as a natural and value-creating dimension in the further development of creating two leading U.S. maritime businesses," said Dave Meehan, President & CEO of Aker American Shipping.

Company: Aker American Shipping more info
 - Aker Splits in Two (Oct 31)
 - Aker American Shipping Third Quarter Financials (Oct 31)
 - Aker Kvaerner Reorganizes Global Operations (Mar 02)