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Dave Meehan News

14 Apr 2005

Kvaerner, OSG In 10 Jones Act Ship Deal

Kvaerner ASA and Overseas Shipholding Group, Inc. signed an agreement in principle in which Kvaerner Philadelphia Shipyard, Inc. subsidiary which will bareboat charter them to subsidiaries of OSG for initial terms of five or seven years, with extension options for the charterer. For Kvaerner, the proposed transaction is valued at more than $500 million. The agreement in principle is subject to, among other conditions, approval by the Boards of Directors of Kvaerner and OSG, preparation and execution of final agreements and relevant government approvals. "The proposed construction of ten Jones Act Product Tankers by KPSI is one of the largest commercial ship building transactions undertaken by a U.S.

05 Feb 2007

New Union Agreement for Aker Philadelphia Shipyard

Aker Philadelphia Shipyard and the Philadelphia Metal Trades Council aannounced that a new collective bargaining agreement between the union and the shipyard has been ratified by the Philadelphia Metal Trades membership. The new agreement comes after months of determined negotiations between the yard and union leadership and will be effective through January 31, 2011. On the new agreement Dave Meehan, Aker Philadelphia Shipyard President and CEO, remarked, "Our union employees are the backbone of our shipyard, and their hard work and dedication to their crafts are evidenced in the ships we build. This agreement speaks to the commitment of both parties to work together building on our accomplishments to date and looking to the future.