Tanker Shuffle at Aker Philadelphia

Friday, October 17, 2008

The two shuttle tankers are intended for bareboat charter to Overseas Shipholding Group, who will time charter the vessels to Petrobras for operation in the . Without financing in place for the shuttle tankers, Aker Philadelphia Shipyard cannot draw on its committed construction financing facility to build these vessels and, therefore, the building sequence will be changed.

AMSC notes that the shipbuilding contracts and bareboat charters for the shuttle tankers provide flexibility with respect to delivery of the vessels and make this change in building sequence possible. AMSC currently anticipates that the two shuttle tankers will be delivered in compliance with their respective bareboat charters, provided that financing is in place. This change in building sequence will not delay delivery of the product tankers.

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