Philly Tankers, a company set up in 2014 and controlled by Aker Philadelphia Shipyard, has sold four newbuilding contracts, each concerning a 50,000 dwt product tanker, for a total of USD568 million to Kinder Morgan.
“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 USD568 million,” Aker Philadelphia said in a statement.
“It is anticipated that Philly Tankers’ pre-tax gain on the assignment of all four contracts will be about USD45 million. Proceeds from the transaction are expected to be distributed to Philly Tankers AS shareholders after delivery of all four vessels,” Aker Philadelphia said.
Aker Philadelphia, which builds Jones Act tonnage in the US, is listed in Oslo and it is controlled by the Aker group. Kinder Morgan is the largest infrastructure company in the US and it owns about 84,000 miles of pipelines, according to information on its website.