Aker Philly announces share buy back

JULY 17, 2014 — Oslo-listed Aker Philadelphia Shipyard ASA (OSE:AKPS) reported second quarter results that included adjusted EBITDA of $4.4 million compared to $3.7 million in Q2 2013 and an order backlog of $905.7 million with a last delivery in December 2018.

The company also reported that it will initiate a buyback program for up to 10% of its share capital.

It said the the decision "reflects the Company's focus on maximizing shareholder returns over time, its strong financial position, its confidence in its ability to deliver on its operational commitments, and a reflection of the opportunities it sees to further develop its shipping investments. The buyback program will be continuously evaluated to maximize its value to the company's shareholders, including price at which buybacks are executed."

The buyback will be executed at prevailing market prices on the Oslo Stock Exchange. The buyback program will take effect on July 21, 2014 and terminate by the Annual General Meeting in 2015, but no later than June 30, 2015.

The company has entered into an agreement with Pareto Securities AS to carry out the repurchase of the shares on its behalf.

Read the quarterly report HERE