Construction Commences on U.S. Shuttle Tanker

Thursday, May 29, 2008

This double hulled, environmentally friendly tanker, which will be fitted with additional equipment to increase maneuverability, can receive oil from Floating Production Storage and Offloading (FPSO) vessels and transport it from deepwater areas without pipeline access to refineries on the Gulf Coast.
Aker American Shipping President, Rob Kurz stated, "This is a very significant milestone for Aker American Shipping. Shuttle tankers represent an exciting new market and we are looking forward to opportunities to own more of these vessels. With the increasing demand for oil, and considerable resources in the Gulf of Mexico, this tanker will be an important part of the United States‘ energy infrastructure. I am confident that this vessel will be the first of many to serve this trade."
Upon completion, Aker American Shipping will lease the vessel to OSG America, who has in turn time chartered the vessel to Petrobras America, Inc. for use in transporting crude oil in the Gulf of Mexico. The shuttle tanker will serve Petrobras‘ Cascade and Chinook fields, about 250 miles south of New Orleans. The tanker is the eighth in a series of twelve tankers being built by Aker Philadelphia Shipyard for Aker American Shipping. Construction will commence soon on a second shuttle tanker, also to be leased to OSG America, and time chartered to Petrobras America, Inc. Four product tankers have already been delivered and are part of Aker American Shipping‘s fleet.

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