SeaRiver Maritime: LOI to Build Two Tankers

Monday, July 25, 2011

Aker Philadelphia Shipyard ASA (Oslo: AKPS) announced that its sole operating subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has signed a Letter of Intent with SeaRiver Maritime, Inc. (SeaRiver), Exxon Mobil Corporation’s U.S. marine affiliate, for the construction of two aframax tankers. The 820 foot long, 115,000 deadweight ton tankers are intended to be used to transport Alaskan North Slope crude oil from Prince William Sound to the U.S. West Coast. Project planning work is currently underway in conjunction with APSI’s technical partner, Samsung Heavy Industries. Construction of the first vessel is expected to begin by mid-2012 and both vessels are
scheduled for delivery in 2014. The vessels will be equipped with double hull protection, the latest navigation and communications equipment, and energy efficient engines. It is expected that the parties will enter into definitive agreements based on the Letter of Intent during Q3 2011. The execution of those agreements is subject to the satisfaction of certain conditions precedent, including board approvals and the completion of definitive documentation agreeable to all parties. Aker Philadelphia Shipyard is currently constructing two 46,000 deadweight product tankers for delivery in late 2012 and early 2013, respectively.

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