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Aker Philadelphia Shipyard

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BUSINESS
June 25, 2010 | By Linda Loyd, Inquirer Staff Writer
Pink slips will go out soon at Aker Philadelphia Shipyard to an undisclosed number of workers because the shipbuilder does not have new orders or enough work to keep 1,000 people busy all the time. Aker has three product tankers in various stages of production, all of which have been sold. The last tanker is scheduled for completion in 2012. Aker has ordered parts for two additional tankers but still does not have financing or buyers. With credit tight and the economy crimping demand for petroleum products, offshore drilling, and new ship orders, Aker chief executive officer Jim Miller met with union leaders and employees this week and said there would be layoffs at the South Philadelphia yard.
BUSINESS
October 26, 2013 | By Linda Loyd, Inquirer Staff Writer
With the 115,000-ton crude-oil tanker Liberty Bay soon to be launched and construction begun on a second 820-foot-long vessel, times are flush at Aker Philadelphia Shipyard. After several lean years, the nation's second-largest commercial shipyard has enough work to keep busy for several years. The 1,110 employees are back, and morale is high. Gov. Corbett toured the South Philadelphia yard Thursday. He last visited in September 2011, when the $400 million contract was signed to build two tankers for ExxonMobil Corp.
BUSINESS
March 25, 2011 | By Linda Loyd, Inquirer Staff Writer
Kristian Rokke, son of Norwegian billionaire Kjell Inge Rokke, will take over as president and CEO of Aker Philadelphia Shipyard, effective April 5. Rokke, 27, is currently senior vice president of operations at the Philadelphia yard. He has worked in key operating positions, including as controller, since joining the shipyard in May 2007. Rokke's father, chairman of Norwegian parent company Aker ASA, engineered the deal in 2001 to take over the former Kvaerner Philadelphia Shipyard, which was in trouble and flirting with bankruptcy.
NEWS
December 31, 2010 | By Linda Loyd, Inquirer Staff Writer
Aker Philadelphia Shipyard, which once employed more than 1,000 at the Navy Yard and which has been a significant Philadelphia economic force for a decade, is just months from shutting down. Aker's survival relies on several financial-rescue efforts coming together to finance the construction of two more oceangoing tankers. "If they don't build these next two ships, this yard is shutting down," said Manuel "Manny" Stamatakis, chairman of the Philadelphia Shipyard Development Corp.
BUSINESS
July 18, 2010 | By Linda Loyd, Inquirer Staff Writer
Aker Philadelphia Shipyard faces an enormous challenge to stay afloat in an ever shrinking U.S. shipbuilding industry. Aker is one of two U.S. shipyards that build oceangoing commercial vessels under the 90-year-old U.S. Jones Act, which requires U.S.-made and U.S.-operated vessels transport goods between U.S. ports. Aker stands to gain substantial new vessel orders if a U.S. marine-highways system ever gets going. Hoping that will happen, American Feeder Lines L.P., of New York, recently signed "letters of intent" with Aker and a Green Bay, Wis., yard to build five ships each, and maybe more, starting in 2012 to transport cargo in container ships between Maine and Texas.
BUSINESS
August 26, 2009 | By Linda Loyd INQUIRER STAFF WRITER
With the global recession crimping demand for petroleum products, offshore drilling, and new ship orders, Aker Philadelphia Shipyard is feeling the pinch. The nine-year-old Aker delivered its seventh product tanker in June and has orders for five more through early 2011. But its only customer and buyer at the moment - American Shipping Co. - said this month it had still not been able to arrange financing for two of the five vessels. One bright spot: A Brazilian petroleum company, Petrobras, wants to charter the two shuttle tankers and has signed a contract.
NEWS
January 9, 2011 | By Paul Davies, Inquirer Columnist
It's no surprise that even after a Norwegian shipbuilder was given hundreds of millions of dollars in taxpayer subsidies to come to the Navy Yard in the late 1990s, the yard is in danger of closing. That's because the deal never made good economic sense - at least from the taxpayers' standpoint. And taxpayers were the ones underwriting this corporate welfare. For those who missed the New Year's Eve report, the Aker Philadelphia Shipyard is threatening to close if it doesn't get an additional $42 million in state funding.
BUSINESS
February 15, 2014 | By Linda Loyd, Inquirer Staff Writer
An Aker Philadelphia Shipyard employee injured while repairing a crane early Wednesday is in stable condition, the South Philadelphia shipbuilder said. The employee, an electrician, was performing maintenance on a gantry crane "when an electrical fault occurred," Aker said. The Philadelphia Fire Department responded. The employee, whom Aker did not identify, citing privacy concerns, was taken to Crozer-Chester Medical Center with burns on his face and hands, an Aker union official said.
NEWS
September 1, 2010
Aker Philadelphia Shipyard delivered its 10th tanker, the Overseas Anacortes, officials of the South Philadelphia shipyard said today. The 46,000-ton vessel, built for American Shipping Co., will leave the yard within days and will carry petroleum products along the West Coast for Tesoro Corp., of San Antonio, Texas. Aker Philadelphia has two more ships under construction, both scheduled for completion by next spring. Beyond that, it has no firm ship orders or financing and has started layoffs among its 1,000 employees.
NEWS
June 1, 2011
Aker Philadelphia Shipyard Inc. has entered into an agreement with Caterpillar Financial Services Corp. for a construction loan totaling $80 million, the shipyard said Wednesday in a filing on the Oslo Stock Exchange. The private construction financing was announced in February, along with $42 million from Pennsylvania, and a commitment by Aker ASA, the Norwegian parent company, of $210 million to complete two ships which do not yet have buyers. Under the agreement, Caterpillar will fund as much as $40 million for each of two product tankers being built for the shipyard's own account.
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BUSINESS
December 25, 2015
In the Region Aria Health settles case When Aria Health bought 3B Orthopedics in December 2012 for $4.1 million, $3.5 million was allocated for the 3B trademark. Two years later, Aria decided that it paid too much for the trademark. That meant, according to a settlement announced Wednesday by the U.S. Attorney in Philadelphia, that Aria was overpaying the 3B physicians who left Pennsylvania Hospital for Aria, in violation of a federal law requiring physicians to be paid fair market value for their services.
NEWS
December 2, 2015 | By Linda Loyd, Inquirer Staff Writer
Aker Philadelphia Shipyard has a new name: Philly Shipyard Inc. Shareholders of the region's only commercial shipyard, meeting Monday in Oslo, Norway, where parent company Aker ASA is located, approved the name change, effective immediately. "Our new name is simple yet distinctive, and better defines who we are and where we are going," said Steinar Nerbovik, shipyard president and CEO. "As a standalone Philadelphia-based company, we continue our focus on building safe and quality ships that support the nation's commerce.
NEWS
October 3, 2015 | By Linda Loyd, Inquirer Staff Writer
Aker Philadelphia Shipyard said it delivered on Wednesday the first of four product tankers to Crowley Maritime Corp., based in Jacksonville, Fla. Aker said, in a statement, that it was the first vessel built at the South Philadelphia commercial yard "with consideration for the use of LNG for propulsion in the future. " Aker, which plans to change its name to Philly Shipyard this month,is building three more product tankers for Crowley, with planned deliveries through 2016. The tankers can transport 14.5 million gallons of crude oil or refined petroleum products.
NEWS
September 24, 2015 | By Linda Loyd, Inquirer Staff Writer
Aker Philadelphia Shipyard announced Tuesday that it will sell its ship-owning investments in four product tankers to a subsidiary of Marathon Petroleum Corp., based in Findlay, Ohio. The contract value of each vessel is $150 million, Aker said. The ships, which are used to transport petroleum products and crude oil, will be delivered between now and third quarter 2016. Aker said it expects a pre-tax gain of about $10 million per ship. Aker is building the vessels in a joint venture with Crowley Maritime Corp.
BUSINESS
July 18, 2015 | By Linda Loyd, Inquirer Staff Writer
Yo! Philly. The region's only commercial shipyard is getting a new name: Philly Shipyard. Aker Philadelphia Shipyard said Thursday, after its board of directors met in Oslo, Norway, where parent company Aker ASA is located, that the Aker name is going away and that the yard will be called Philly Shipyard, pending shareholder approval in October. The name change was announced when second-quarter earnings were reported. A public company listed on the Oslo Stock Exchange, Aker posted second-quarter revenue of $83.7 million, compared with $60.3 million in the same period last year.
BUSINESS
February 8, 2015 | By Linda Loyd, Inquirer Staff Writer
Members of seven unions that build ships at Aker Philadelphia Shipyard have approved a contract providing a 10 percent raise over four years. The contract took effect Feb. 1 and expires Jan. 31, 2019. About 350 laborers, ironworkers, painters, boilermakers, plumbers, operating engineers, and electricians voted Tuesday, said Louis Agre, president of the Philadelphia Metal Trades Council. The vote tally was not disclosed. Mike Giantomaso, Aker Shipyard vice president of human resources, said, "We are pleased to have successfully ratified this agreement and very proud to continue our partnership.
BUSINESS
January 15, 2015 | By Linda Loyd, Inquirer Staff Writer
When a champagne bottle cracked against the ship to christen Aker Philadelphia Shipyard's second tanker for ExxonMobil Corp. early this week, the current and future governors of Pennsylvania were on hand, as were the current and former chief executive officers of the nation's second-largest commercial shipbuilder. There is a lot to celebrate at Aker. The company has orders to build ships through 2018. Employment has grown to 1,100 - a level last reached in 2010. Steinar Nerbovik, 53, is the shipyard's new president and CEO. A naval architect and welder by training, he said shipbuilding "has been my life.
BUSINESS
February 15, 2014 | By Linda Loyd, Inquirer Staff Writer
An Aker Philadelphia Shipyard employee injured while repairing a crane early Wednesday is in stable condition, the South Philadelphia shipbuilder said. The employee, an electrician, was performing maintenance on a gantry crane "when an electrical fault occurred," Aker said. The Philadelphia Fire Department responded. The employee, whom Aker did not identify, citing privacy concerns, was taken to Crozer-Chester Medical Center with burns on his face and hands, an Aker union official said.
BUSINESS
December 22, 2013 | By Linda Loyd, Inquirer Staff Writer
Several dozen protesters carrying placards reading "Local People, Local Jobs" marched Friday at Eighth and Market Streets, complaining that Aker Philadelphia Shipyard and its scaffolding contractor had turned their backs on local workers. The timing came as a surprise because, while many members of Aker's regular unionized workforce were laid off during the recession and a downturn in shipbuilding in 2010, they have been recalled and are back on the job. Employment at the nation's second-largest commercial shipbuilder is 1,100 - what it was in July 2010.
BUSINESS
October 26, 2013 | By Linda Loyd, Inquirer Staff Writer
With the 115,000-ton crude-oil tanker Liberty Bay soon to be launched and construction begun on a second 820-foot-long vessel, times are flush at Aker Philadelphia Shipyard. After several lean years, the nation's second-largest commercial shipyard has enough work to keep busy for several years. The 1,110 employees are back, and morale is high. Gov. Corbett toured the South Philadelphia yard Thursday. He last visited in September 2011, when the $400 million contract was signed to build two tankers for ExxonMobil Corp.
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