Aker Philadelphia Shipyard ASA (Oslo: AKPS) announced that its wholly owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI) has entered into a loan agreement with Caterpillar Financial Services Corporationfor a $120 million loan facility for construction financing on the four product tankers under contract with Crowley Maritime Corporation. The loan will be subject to a maximum borrowing amount of $58-60 million per vessel and will be secured by a first lien on Hulls 021-024. The loan will accrue interest at three-month Libor plus 3.0% as defined in the loan agreement.

The commitment letter for this loan was originally disclosed in AKPS's third quarter 2013 financial report.