Aker Philadelphia Shipyard, Inc., the sole operating subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), has entered into a loan agreement with Caterpillar Financial Services Corporation (Cat Financial) for a construction loan facility and contingent floorplan loan facility totaling USD 80 million.
Under the agreement, Cat Financial will fund up to USD 40 million per ship toward the construction cost of two product tankers currently being built for the shipyard’s own account. The loan agreement, in conjunction with the transactions announced by AKPS on March 31, 2011, secures construction financing for the two product tankers under construction through 2013.
Aker Philadelphia Shipyard is a leading US 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. Aker Philadelphia Shipyard is a member of the Norwegian-based Aker family of global companies, leaders in global growth markets including energy technologies, energy resources, maritime technologies, seafood and marine biotechnology.
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Source: phillyshipyard, June 02, 2011;