Osg America News

Aker Philadelphia Shipyard (Oslo: AKPS), a U.S. commercial shipyard, delivered to American Shipping Company (Oslo: AMSC) its tenth Veteran Class MT-46 product tanker. The 46,000 dwt vessel, named the Overseas Anacortes, will leave the shipyard in the coming days under the operation of OSG America to transport petroleum products for Tesoro. This vessel is the fourth vessel planned to be utilized by Tesoro. The ship will leave Aker Philadelphia Shipyard and join its sister ships in transporting petroleum products on the West Coast.

On July 10, Aker Philadelphia Shipyard launched Ship 014, the tenth product tanker in a series of 12 to be completed in 2011. The 46,000 dwt vessel was floated off of its blocks and was transferred by tug from the Building Dock to the Outfitting Dock, where it will remain for the next few weeks as it undergoes continuous testing and commissioning in preparation for its upcoming sea trials. When completed, the 600 ft long vessel, to be named the Overseas Anacortes, will be sold to American Shipping Company and bareboat chartered to OSG America for use transporting petroleum products.

Aker Philadelphia Shipyard (Oslo: AKPS), a U.S. commercial shipyard, delivered its ninth Veteran Class MT-46 product tanker May 14 to American Shipping Company (Oslo: AMSC). The 46,000 dwt vessel, named the Overseas Martinez, will leave the shipyard in the coming days under the operation of OSG America to transport petroleum products for Tesoro. Aker Philadelphia has three other vessels currently under construction as part of its historical build program. All are scheduled to be delivered through spring 2011.

Aker Philadelphia Shipyard (Oslo: AKPS) held a ceremonial keel laying on March 15 for Ship 015, the 11th product tanker being built at the yard. This vessel will be sold to OSG America after delivery from Aker Philadelphia Shipyard and will have shuttle tanker features installed for use in the deepwater U.S. Gulf of Mexico. Shuttle tankers transport crude oil from deepwater areas where there are no available pipelines. Following long held shipbuilding tradition, coins were placed…

On March 10, Aker Philadelphia Shipyard (Oslo: AKPS) launched Ship 013, the ninth product tanker in a series of 12 to be completed by 2011. The 46,000 dwt vessel was floated off of its blocks and was transferred by tug from the Building Dock to the Outfitting Dock, where it will remain for the next few weeks as it undergoes continuous testing and commissioning in preparation for its upcoming sea trials. When completed, the 600-ft long vessel, to be named the Overseas Martinez…

Two great teams - the 1,200-strong shipyard work force and the World Champion Philadelphia Phillies - were honored today at the keel-laying for the tenth tanker in the current build program at Aker Philadelphia Shipyard (Oslo: AKPS). APSI officials decided to recognize the Phillies along with its talented workforce because both teams symbolize a dedication to precision and exemplary teamwork. Following ancient ship-building tradition, commemorative, good-luck coins representing…

On October 12, workers at Aker Philadelphia Shipyard, just down Broad Street from the home of the Phillies, will sport baseball caps in addition to their traditional hard hats as they pay tribute to the World Champions and their trademark blue-collar work ethic when the yard holds the milestone keel-laying as it begins assembly of its 10th in a series of ocean going product tankers. Members of the 1,200-strong shipyard crew, who have distinguished themselves for their Phils-like precision and teamwork, will show their support for co-workers and the Phillies as the structurally-critical, 620-ton keel section is lowered into place. In keeping with ship-building tradition…

OSG America, L.P. (OSG America, NYSE: OSP) reported that Overseas Shipholding Group, Inc. (OSG; NYSE: OSG), which owns a 77.1% interest in OSG America, announced that it has increased the price per unit that it will offer to pay for all of the outstanding publicly held common units of OSG America from $8.00 to $10.25 per unit in cash. The increased offer price represents a 28% increase over the original proposed offer price of $8.00 per unit, a premium of approximately 44% over the closing price of the units on July 29, 2009, the last full trading day prior to the first public announcement of OSG’s proposed offer, and a premium of approximately 42% above the average closing price of the units for the 90 trading days immediately preceding July 29.

Aker Philadelphia Shipyard (Oslo:AKPS), a leading U.S. commercial shipyard, cut steel on Hull 014, the tenth product tanker in the series of twelve to be built for American Shipping Company (Oslo:AMSC). Production of this vessel begins a few days after the successful delivery of Hull 010, the Overseas Boston. A small ceremony was held this afternoon to commence production and was attended by representatives of Aker Philadelphia Shipyard, OSG, the Philadelphia Metal Trades Council and Philabundance. Last week, Aker Philadelphia Shipyard and the Philadelphia Metal Trades Council held a yard wide food drive to help support Philabundance in its mission to be the largest hunger relief organization in the region.

Aker Philadelphia Shipyard held a ceremonial keel laying for the eleventh vessel being built at the yard. The Veteran Class MT-46 product tanker is the seventh in a series of 12 tankers being constructed for American Shipping Company, who in turn will bareboat charter the vessel to OSG America for final operation in service with Tesoro Corporation. Following long held shipbuilding tradition, coins were placed on one of the keel blocks that supports the vessel during construction before the first section of the ship was lowered into place. These coins are a ceremonial sign of good fortune and safe travels. The ceremony was conducted with representatives of Aker Philadelphia Shipyard, American Shipping Company, and OSG America.

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.

Overseas Shipholding Group (OSG) and Maritrans Inc. announced that OSG has completed the acquisition of Maritrans Inc., a U.S. Flag crude oil and petroleum product shipping company that owns and operates one of the largest fleets of double hull Jones Act vessels serving the East and U.S. Gulf coastwise trades. The acquisition was made pursuant to the definitive merger agreement between the companies announced on September 25, 2006. Based on 12 million shares outstanding and the assumption of net debt outstanding as of September 30, 2006, the transaction is valued at $471 million. OSG financed the acquisition with borrowings under its revolving credit agreement and intends to repay up to $300 million of this amount from qualified withdrawals under its Capital Construction Fund (CCF).