USA: Aker Philadelphia Shipyard Signs LOI for Construction of Two Aframax Tankers


Aker Philadelphia Shipyard ASA announced today that its sole operating subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has signed a Letter of Intent with SeaRiver Maritime, Inc. (SeaRiver), Exxon Mobil Corporation’s U.S. marine affiliate, for the construction of two aframax tankers. The 820 foot long, 115,000 deadweight ton tankers are intended to be used to transport Alaskan North Slope crude oil from Prince William Sound to the U.S. West Coast.

Project planning work is currently underway in conjunction with APSI’s technical partner, Samsung Heavy Industries. Construction of the first vessel is expected to begin by mid-2012 and both vessels are scheduled for delivery in 2014. The vessels will be equipped with double hull protection, the latest navigation and communications equipment, and energy efficient engines.

It is expected that the parties will enter into definitive agreements based on the Letter of Intent during Q3 2011. The execution of those agreements is subject to the satisfaction of certain conditions precedent, including board approvals and the completion of definitive documentation agreeable to all parties.

Aker Philadelphia Shipyard is currently constructing two 46,000 deadweight product tankers for delivery in late 2012 and early 2013, respectively. Aker Philadelphia Shipyard is a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market. It possesses a state-of-the-art shipbuilding facility and has earned a reputation as the preferred provider of oceangoing merchant vessels with a track record of delivering quality ships. Aker Philadelphia Shipyard is a member of the Norwegian-based Aker family of global companies, leaders in global growth markets including energy technologies, energy resources, maritime technologies, seafood and marine biotechnology.

Source: akerphiladelphia, July 26, 2011;

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