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INS Signs Contract To Build Eletson Double Eagle Tankers

Newport News Shipbuilding (NNS) nd the Eletson Corporation of iraeus, Greece, signed a contract on londay, Oct. 31, 1994 for the contraction of a series of46,000-ton prodct tankers. The award by the Greek hipping company is the first internaonal commercial ship order received y a U.S. shipbuilder since 1957 and it > seen by Tenneco, Inc., NNS's parent ompany, as a major breakthrough in ;s strategic plan to diversify the hipyard's business base.

The ceremonial signing of the conract was immediately preceded by he formal approval of a U.S. governaent Title XI loan guarantee to iletson by U.S. Secretary of Transortation Federico Pena.

The contract calls for the construcion of two Double Eagle tankers, deigned by NNS, the first to be delivred in 22 months and the second ipproximately four months later, "here is an option in the contract for he construction of two more ships.

Pat Phillips, NNS chairman and ]EO, said the order from Eletson is a Iramatic first step in the company's )lan to diversify. "We have our sights set on being a world-class builder of :ommercial ships as well as the naval vessels for which we are well-known," Vlr. Phillips said. "This initial comnercial ship order from Eletson... will jive us j u s t the sort of momentum we leed to achieve that goal." Mr. Phillips commended Secretary Pena, the Clinton Administration and supporters in Congress for aeing staunch allies in the effort to enhance the global competitiveness of U.S. shipbuilders. According to Mr. Phillips, the availability of Title XI loan guarantees from the U.S. government was a major factor in Eletson's decision to buy from Newport News Shipbuilding.

The Double Eagle tankers to be built for Eletson will be approximately 600 ft. (183 m) long, 105 ft.

(32.2 m) wide, and have a deadweight of approximately 46,500 tons. Each ship will be capable of carrying up to 56,000 cu. m.

343,000 barrels) of petroleum product. The ship will have a double hull to protect against accidental spills. The company said the ships are being sold at a competitive price on the world market, but did not reveal the price of each ship, nor the total amount of the contract, for competitive reasons.

Eletson, established in 1966, has a fleet of approximately 20 modern vessels operating worldwide.

Eletson reportedly has one of the most sophisticated and environmentally- friendly fleets, and expects that within a few years all its ships will be double-bottomed or doublehulled, and will be among the most modern at an average age of just three years.

Tenneco Inc., based in Houston, is the nation's 34th largest industrial corporation with 1993 sales of $13.2 billion.

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