Brief: Aker Philadelphia Shipyard: Philly Tankers sells 4 product tanker contracts to Kinder Morgan

Philly Shipyard ASA

10/08/2015 06:30

Aug 10 (Reuters) - Aker Philadelphia Shipyard ASA  AKPS.OL : 
    * Philly Tankers AS  PHILLY.NFF  announced today that its 
wholly-owned U.S. subsidiary, Philly Tankers LLC, has signed 
definitive documentation with a subsidiary of Kinder Morgan, 
Inc. for the assignment of its existing contracts for the 
construction of four 50,000 dwt product tankers 
    * The vessels will be constructed by Aker Philadelphia 
Shipyard, Inc. and are planned to be delivered between November 
2016 and November 2017 
    * Each of the four contracts will be assigned by Philly 
Tankers LLC to the Kinder Morgan entity immediately prior to 
delivery of the relevant vessel 
    * The transaction is valued at a total of $568 million 
    * It is anticipated that Philly Tankers' pre-tax gain on the 
assignment of all four contracts will be approximately $45 
million 
    * Proceeds from the transaction are expected to be 
distributed to Philly Tankers AS shareholders after delivery of 
all four vessels 
 
Source text for Eikon:  ID:nHUGYCwHT  
     
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