Aker Philadelphia Shipyard (APSI) has unveiled plans to divest its portfolio of shipping assets, streamlining the business and drawing an end to a build-up of investments as a partial owner in eight Jones Act product tankers with an approximate contract value of $1bn.

The divestment coincides with the name change of Aker Philadelphia Shipyard to Philly Shipyard, pending an upcoming shareholder vote at a general meeting expected to take place this October.

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Aker Philadelphia Shipyard chairman Kristian Rokke said: "The planned divestment of our shipping assets will show that we have created significant shareholder value and will greatly focus the business going forward.

"The planned divestment of our shipping assets will show that we have created significant shareholder value."

"While we will remain opportunistic in our investment approach, the name change comes at a natural time and will better illustrate how the shipyard connects with its stakeholders as a strong, stand-alone, Philadelphia-based company."

APSI intends to change the ticker symbol AKPS and expects that the name change to Philly Shipyard to be completed by this year end.

Aker Philadelphia Shipyard president and CEO Steinar Nerbovik said: "Changing our name to Philly Shipyard more accurately reflects the shipyard we have become in recent years.

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"We have delivered on our promises and stand firmly on our own two feet as a company. The new name also represents the proud tradition of shipbuilding in Philly and the City with which we are so intimately linked."

APSI is focused on constructing vessels for operation in the Jones Act market and is majority-owned by Converto Capital Fund, which in turn is majority-owned by Norwegian industrial investment company Aker.