Cat Financial provides construction loan for Aker Philly tankers

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 floor plan loan facility totaling $80 million. Under the agreement, Cat Financial will fund up to $40 million per ship toward the construction cost of two product tankers currently being built for the shipyard’s own account.

The loan agreement secures construction financing for the two product tankers under construction through 2013.

June 2, 2011