Aker ship business splits in two

Aker American Shipping Inc. said its directors had decided to split its two divisions into separate companies, each listed on the Oslo Stock Exchange.

One would continue to operate the Aker Philadelphia Shipyard, a major builder of commercial cargo and tanker vessels. The other would continue to buy ships produced at the yard and lease them to charter operators.

"The split is an aggressive measure to further advance businesses in the U.S. market," Leif-Arne Langøy, chairman of Aker American Shipping, said in a statement.

Dave Meehan, president and chief exective, will become president of the shipbuilding company, which has produced seven cargo vessels since it started in 2000 and is now delivering three ships a year.

"Two independent companies, each with a focused management, is an ideal starting point for further value creation - to the benefit of shareholders, customers, employees, and the Philadelphia community of which we are a part," the Langøy statement said.