October 15, 2008 / 11:13 AM / 11 years ago

American Shipping says lacks financing for 2 ships

OSLO, Oct 15 (Reuters) - Norway-listed American Shipping Company (AMSCA.OL) lacks financing for two out of 12 planned vessels, so it will change the sequence of construction at Aker Philadelphia Shipyard AKPS.OL, the companies said.

American Shipping said in a statement on Wednesday it had not been able to arrange financing for two shuttle tankers in the programme, but it did not expect the change in sequence to affect delivery of the other vessels, which are product tankers.

American Shipping said the shipbuilding contracts and charters for the two shuttle tankers were flexible on the terms of delivery and “make this change in building sequence possible”.

The shuttle tankers are intended for bareboat charter to Overseas Shipholding Group (OSG.N), which will provide them to to Brazil’s Petrobras (PETR4.SA)(PBR.N) for work in the Gulf of Mexico, American Shipping said.

“Without financing in place for the shuttle tankers, Aker Philadelphia Shipyard cannot draw on its committed construction financing facility to build these vessels and, therefore, the building sequence will be changed,” the shipyard said in a similar statement.

Aker Philadelphia Shipyard is 50.3 percent owned by industrial group Aker ASA (AKER.OL), controlled by Norwegian businessman Kjell Inge Roekke.

American Shipping was earlier an Aker group company, but in June this year Aker ASA reduced its stake in it to 19.9 percent from 53.2 percent. It was set up to own and operate vessels built at the Philadelphia shipyard. (Reporting by John Acher; Editing by Paul Bolding)

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