Ocean Shipholdings, Inc. (OSI) has signed an agreement with ConocoPhillips (COP)
and Samsung Heavy Industries (010140.KS)
. This agreement grants OSI the rights to the GoMAX 550 shuttle tanker design for transporting crude oil from the deep-water Gulf of Mexico directly to U.S. refineries. The diesel-electric powered, dynamically positioned 80,000 dwt double-hulled tanker design will have a capacity of 550,000 barrels of oil which can be loaded from various floating systems including Floating Production Storage and Offloading (FPSO) vessels. The GoMAX will be constructed to meet the Common Structural Rules (CSR) for Tankers. Designed by Samsung specifically for production in U.S. shipyards, the new shuttle tankers will meet the Jones Act requirement that vessels operating in the deep-water GOM be constructed in the U.S., U.S. owned, and crewed with U.S. citizens.