Polar Discovery to be Christened at Avondale

Polar Tankers, Inc. is set to unveil its third state-of-the-art Endeavour Class double-hulled tanker, the POLAR DISCOVERY, during a christening ceremony on Saturday, April 13, at the Northrop Grumman Ship Systems Avondale shipyard in New Orleans. Phillips Petroleum Company, parent of Polar Tankers, is building five Endeavour Class tankers. The contract cost of the POLAR DISCOVERY is valued at $168 million.

The Endeavour Class tankers, also known as the Millennium Class, are the first crude-oil carriers being built for the Alaska trade in compliance with the federal Oil Pollution Act of 1990. The first tanker, the POLAR ENDEAVOUR, arrived in Valdez, Alaska, on its maiden voyage in July 2001. The new POLAR DISCOVERY tanker will join the Polar Tankers fleet in 2003. This summer the POLAR RESOLUTION will enter the Alaska trade. The POLAR ADVENTURE will be delivered in late 2004, followed by the fifth ship, the POLAR ENTERPRISE, in 2005. "Construction of the Endeavour Class tanker fleet demonstrates Phillips' leadership and commitment to having the world's safest transportation system for oil here in Alaska," said Alaska Gov. Tony Knowles. "On the occasion of the christening of the POLAR DISCOVERY, the third ship of its class, I commend Phillips for its continuing dedication to environmental responsibility as we develop Alaska's vast energy resources."

Kevin Meyers, executive vice president of Alaska production and operations for Phillips Petroleum Company and president of Phillips Alaska, said: "These five Endeavour Class tankers demonstrate Phillips' commitment to protect the environment while providing reliable energy for America. Alaska is one of Phillips' legacy assets, and we plan to maintain daily production there at 375,000 to 400,000 barrels-of-oil-equivalent for the foreseeable future." Dr. Philip A. Dur, Northrop Grumman corporate vice president and president, Northrop Grumman Ship Systems, said: "The christening of this third Polar Tankers double-hulled tanker underscores our commitment to compete in the commercial shipbuilding market. We are proud to be partners with Polar Tankers in building these revolutionary, environmentally friendly tankers." NGSS Avondale Operations currently has four 140,000-deadweight ton (DWT) crude oil carriers under construction for Polar Tankers.

The Endeavour Class tankers are being built to meet and/or exceed existing and proposed environmental regulations and are setting new standards for innovation and environmental protection. They were designed specifically for the transport of crude oil from Valdez, Alaska, to the West Coast of the United States, through some of the most severe trade routes in the world. The ships also will deliver cargo to Hawaii.

The tankers are built with double hulls, which exceed regulatory requirements, as well as two independent engine rooms, twin propellers and twin rudders. The Endeavour Class vessels will isolate cargo, fuel and lubricating oils from the ship's side by ballast tanks or void spaces. The vessels also will meet pending regulations for air emissions from engines, and are painted with tin-free anti-fouling paint in deference to proposed regulations.

The POLAR DISCOVERY and her four sister vessels are 272.69 M long by 46.2 M wide by 26.3 M deep (894.7' x 151.6' x 86.29'). The vessels are powered by twin 11,060 KW (15,000 BHP) slow speed diesel engines. The ships have a 2206 KW (3000 HP) bow thruster. The speed is 16.6 knots loaded and 16.9 knots in ballast. The carriers will hold just over 1 million barrels of cargo at maximum capacity. The five ships will be equipped with the latest electronics to ensure safe and efficient operation.

The new ship's sponsor, Mrs. Dore' Meyers, will christen the ship POLAR DISCOVERY with the traditional champagne bottle at the ceremony. Mrs. Meyers is the wife of Kevin Meyers. Phillips Alaska, Inc., a wholly owned subsidiary of Phillips Petroleum Company, is the largest producer of Alaska North Slope crude. Its shipping unit, Polar Tankers, Inc., operates a fleet consisting of five vessels ranging in size from 50,000 to 190,000 DWT. The entire fleet is employed in the Alaska crude trade. Phillips Petroleum Company is an integrated petroleum company with interests around the world. Headquartered in Bartlesville, Okla., the company has 38,700 employees and $35 billion of assets, and had $26.9 billion of revenues in 2001.