Significant Events in the Company History

Significant Events in the Company History

2005
  • Aker American Shipping was established by Aker ASA on June 30 and successfully listed on Oslo Stock Exchange. The company took control of the shares in former Kvaerner Philadelphia Shipyard (now Aker Philadelphia Shipyard)
  • Closing a ten ship bareboat contract with Overseas Shipholding Group, Inc. American Shipping Corporation was established as a subsidiary of Aker American Shipping, and through its subsidiaries, to own the product tankers to be built and bareboat chartered to OSG.
  • Long term time charter agreements secured by OSG with Shell for two vessels

2006
  • Four more product tankers on long term time charters with Tesoro
  • Two more product tankers on long term time charters by OSG with BP

2007
  • USD 770 million credit facility in place with Fortis for permanent ownership financing of first ten tankers
  • NOK 700 million bond issued
  • First three product tankers delivered and one more product tanker on long term time charter by OSG with BP.
  • Order of additional two product tankers which will be converted into the first U.S. built shuttle tankers
  • Aker American Shipping entered into option agreement for 13 additional tankers with Aker Philadelphia Shipyard
  • Split of Aker American Shipping’s ship owning operations from its shipbuilding operations. Aker Philadelphia Shipyard ASA listed as a separate company on the Oslo Axess

2008
  • Aker American Shipping renamed American Shipping Company following extraordinary general meeting on June 25. The new name reflects that the US shipping company is no longer an Aker company, after Aker ASA‘s reduction in ownership in the company from 53.2 percent to 19.9 percent.
  • Additional two product tankers delivered

2009
  • Two more product tankers delivered
  • Universal settlement with OSG
  • Sale of first shuttle tanker shipbuilding contract to OSG
  • Cancelled nine options with Aker Philadelphia Shipyard

Analyst coverage of AMSC

Andrew Casella
Imperial Capital, LLC
277 Park Avenue 48th Fl.
New York, NY 10172
Tel: 212.351.9737 Ext. 2737
ACasella@imperialcapital.com

Extraordinary General Meeting