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October 27, 2010

Aker Philadelphia Shipyard backlog shrinks

Aker Philadelphia Shipyard has now delivered ten of the twelve Jones Act products tankers for which it has firm orders. In its latest quarterly report it says it has so far been unable to secure any new orders or vessel financing beyond NB 016. It says it continues to actively seek new orders and capital to finance the construction of NB 017 and NB 018, and "progress is being made sufficient for AKPS to increase its commitment for early stage production activities on NB 017."

However it warns that if it is unable to expand its current backlog,"it would be challenging to continue as a going concern after delivery of NB 016, which is scheduled to be delivered in Q2 2011."

Aker Philadelphia says it has made prior commitments such as long lead items for NB 017-020 as tankers, enabling rapid start-up as conditions permit.

Aker Philadelphia notes it has reduced and will continue to adjust its workforce in line with its backlog and continues to pursue prospects for new construction projects for the future such as tankers and containerships.


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