Aker Philadelphia in product tanker agreement

FEBRUARY 18, 2013 — Aker Philadelphia Shipyard ASA (Oslo: AKPS) has announced that its wholly-owned subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), and an undisclosed potential buyer have signed a non-binding term sheet regarding the construction and sale of two to four product tankers with expected delivery in 2015 and 2016. The transactions contemplated by the term sheet are subject to agreement on definitive documents and fulfillment of certain closing conditions, including, but not limited to, securing commitments for financing.