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Annual Report 2007 Innovation Through Generations

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Annual Report 2007 Innovation Through Generations Annual report 2007 Innovation through generations Aker Philadelphia Shipyard is an Aker company. Shared values and an innovative spirit are long-standing traditions that forge active industrial development. People create Aker companies. Ever since and strengthened through organic growth, Aker was established in 1841, innovation acquisitions, restructuring and focusing of and commitment drive us. Several Aker businesses. companies have roots that date back to People who are willing to take on the 1700s – to the industrial revolution in challenges and have the ability to deliver Great Britain and the Nordic countries. innovative solutions constitute Aker’s Aker has a long history of industrial heritage. Aker’s generations of dedication innovation. In recent decades, Aker com- and know-how, combined with today’s panies have strengthened their market technologies and tools, yield tomorrow’s position as preferred partners in global products, services, and industrial solu- growth markets: energy resources, energy tions. technologies, maritime technologies, sea- Aker companies, with a total of 27 100 food, and marine biotechnology. employees on five continents, had 2007 Aker is an active industrial holding operating revenues totaling NOK 62 bil- company. Aker companies are developed lion. Aker Philadelphia Shipyard ASA Aker Exploration Aker Floating Production Aker Drilling The most modern and cost- Innovative, technology-driven Owns, operates, and charters Operator of the world’s two most effective U.S. shipyard offshore exploration company FPSO vessels advanced drilling rigs Aker Solutions* Aker Oilfield Services Aker DOF Supply Aker American Shipping A leading supplier to the energy Subsea well maintenance and Shipowner building a fleet of Premiere U.S. shipowner for sector worldwide intervention specialists anchor handling vessels product and shuttle tankers Aker Seafoods Aker BioMarine Aker Clean Carbon Aker Seafood company that harvests, Biotechnology company that devel- Pioneering CO2 capture technology Active industrial owner – creates processes, and sells white fish ops high-value products from krill with patented solution and develops companies *The Board of Directors of Aker Kværner ASA has proposed to the annual general meeting to be held 3 April 2008 that the company changes name to Aker Solutions ASA. Aker Philadelphia Shipyard: Historical facts Aker Philadelphia Shipyard constructs world-class quality ships for 1997 Founded by the public-private operation between ports in the United States. The company is a partnership consisting of the City market leader with experienced management and modern shipbuilding of Philadelphia, the Common- facilities that provide cost efficient building and construction. wealth of Pennsylvania, the United States Government and the Aker Philadelphia Shipyard ASA is situated in Oslo, Norway with an Kvaerner Shipbuilding Division operating subsidiary in Philadelphia, Pennsylvania, USA. The company 1998 Construction of the state-of-the- constructs merchant vessels for operation in the US Jones Act market art facility and workforce training (trade between US ports). Its customers for the current series of 2000 Began construction of the first vessels under construction are Aker American Shipping ASA and its two container vessels subsidiaries. 2002 Matson agreed to purchase the two container vessels Elements contributing to success: 2003 First container vessel delivered • State of the art shipyard with modern equipment 2004 Second container vessel delivered • Access to global shipbuilding expertise through agreements with 2005 Matson agreed to purchase two Hyundai Mipo Dockyard and Aker Yards additional container vessels • Strong orderbook with nine tankers on order and options for an additional thirteen tankers Third container vessel delivered • A solid track record demonstrated by the delivery of seven quality Aker American Shipping ASA vessels (four containerships, three product tankers) (AKASA) formed and listed on • Construction period financing commitment with a credit line of USD Oslo Børs. 150 million Construction program of ten • Attractive protected Jones Act market with new growth prospects product tankers initiated Aker Philadelphia Shipyard ASA was listed on Oslo Axess in December 2006 Fourth container vessel delivered 2007. Aker ASA is the majority shareholder, holding 50.3 percent of 2007 First three product tankers the shares. delivered Order of additional two product tankers for later conversion to shuttle tankers Split of AKASA’s shipbuilding and ship owning operations and listing of AKPS *The Board of Directors of Aker Kværner ASA has proposed to the annual general meeting to be held 3 April 2008 that the company changes name to Aker Solutions ASA. About us and our goals 2007 key events Contents Aker Philadelphia Shipyard ASA Established Order reserve and profit & loss items 2007 2006 Successful split from ship-owning company and listing on Oslo Axess com- Order backlog as of 31 December USD million 753.1 642.7 pleted in December. Operating revenues USD million 264.1 246.8 About us and our goals EBITDA USD million 13.0 9.8 5 Key figures 2007 6 Vision, goals and strategies EBITDA-margin Percent 4.9% 4.0% 8 Our values Profit for the year USD million 3.9 1.1 10 Lettter from the CEO Three Product Tankers Delivered The first three product tankers in the series of twelve vessels were delivered Cash flow 2007 2006 Our business and are successfully serving the Jones Act market. 12 Aker Philadelphia Shipyard Cash Flow from Operating Activities USD million 172.6 (63.4) 16 Health, safety and environment Cash and Cash Equivalents as of 31 December USD million 58.4 0.4 18 People and development 19 Corporatel responsibility Balance sheet 2007 2006 20 Developing business Orderbook Expanded Interest bearing debt USD million 104.8 240.4 Initial series of ten tankers was expanded to twelve with the closing of firm Our performance contracts for two vessels to later be converted to shuttle tankers. Option Total Assets USD million 253.3 347.9 24 Board of Directors’ report agreement for up to thirteen additional tankers signed with Aker American Equity ratio Percent 38.7% 20.1% 28 Group accounts Shipping ASA. 56 Auditor’s report 58 Share and shareholder information The AKPS Share 2007 2006 Share Price as of 31 December Norwegian Kroner 57.0 N/A Our organization and governance Financial Position Strengthened Dividend per Share Norwegian Kroner - - 60 Corporate governance Additional USD 27 million in working capital raised during listing and con- 63 Board of Directors struction financing commitment expanded to USD 150 million. 64 Executive Management Team Employees 2007 2006 Number of Employees as of 31 December Employees 744 722 66 Addresses HSE 2007 2006 H-value (Accidents per million man-hours) Accidents 7.8 12.6 Hours worked Production hours 1 665 762 1 664 011 Financial Calendar 2008 3 April Annual general meeting 2008 30 April 1st quarter results 2008 12 August 2nd quarter results 2008 30 October 3rd quarter results 2008 4 Aker Philadelphia Shipyard annual report 2007 About us and our goals Aker Philadelphia Shipyard key figures Order reserve and profit & loss items 2007 2006 Order backlog as of 31 December USD million 753.1 642.7 Operating revenues USD million 264.1 246.8 EBITDA USD million 13.0 9.8 EBITDA-margin Percent 4.9% 4.0% Profit for the year USD million 3.9 1.1 Cash flow 2007 2006 Cash Flow from Operating Activities USD million 172.6 (63.4) Cash and Cash Equivalents as of 31 December USD million 58.4 0.4 Balance sheet 2007 2006 Interest bearing debt USD million 104.8 240.4 Total Assets USD million 253.3 347.9 Equity ratio Percent 38.7% 20.1% The AKPS Share 2007 2006 Share Price as of 31 December Norwegian Kroner 57.0 N/A Dividend per Share Norwegian Kroner - - Employees 2007 2006 Number of Employees as of 31 December Employees 744 722 HSE 2007 2006 H-value (Accidents per million man-hours) Accidents 7.8 12.6 Hours worked Production hours 1 665 762 1 664 011 Aker Philadelphia Shipyard annual report 2007 5 About us and our goals Vision, goals and strategies The preferred partner 6 Aker Philadelphia Shipyard annual report 2007 About us and our goals Vision, goals and strategies Mission Statement: “Be the premier provider of merchant vessels in the U.S. Jones Act market” Goals and strategies Zero Incidents We will continue striving ● We will embrace safety as our first core value for a zero-tolerance ● We will never compromise safety standard – focusing on ● We will communicate our safety goals and objectives the goal that all injuries ● We will seek advice on best practices around us, within the Aker group and other can be prevented. parties who can help us improve workplace safety Double Productivity We will continue to ● We have established AIM 200 and set this as the number one operational target develop and implement ● We will measure performance and improvements week to week for everything we do Advancement and ● We can always strive to be better and will never accept that things are good enough Improvement Measures ● We will create accountability at all levels of the organization for our performance with “AIM” to make us “twice as good as we are today”. Three vessels per year We will through improved ● We will optimize the use of our best-in-U.S. facility for production of ocean-going productivity and optimal merchant vessels use of the facility ● We will continue to take advantage of the shipbuilding expertise of our partners maximize throughput – ● We will focus our resources where we have the best competitive advantage and targeting three vessels create the most value per year without major ● We will apply innovation and creativity to every step of the shipbuilding process capital expenditures. Market Leader We will through our ● We will evaluate existing and new market segments superior production ● We will evaluate best in class designs from world class shipbuilders facility, skilled workforce, ● We will target taking a leading position within attractive market segments by weighing and unique partnerships, short term benefits versus long term opportunities and value creation maintain our position as a leader in US commercial shipbuilding.
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