AKER PHILADELPHIA SHIPYARD HOLDS CEREMONIAL KEEL LAYING

05.08.08

Product tanker is the seventh in a series of twelve being constructed at the yard

Aker Philadelphia Shipyard (Oslo: AKPS), a leading U.S. commercial shipyard, held a ceremonial keel laying today 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. On behalf of Aker Philadelphia Shipyard, Alex Biddy, Joshua Byrne and John Gallagher, three apprentices who will soon graduate from the yard’s first apprentice class, placed the coins.

Initiated in 2004, the four year Apprenticeship Program is designed to develop the next generation of shipyard leaders. Since its inception, the program has developed into 11 classes with a total of 89 apprentices. Recruiting for the next class has already begun and applications will be accepted from September 15, 2008 through October 15, 2008, with approved candidates beginning in January 2009.

Aker Philadelphia Shipyard is a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market. It possesses a state-of-the-art shipbuilding facility and has earned a reputation as the preferred provider of oceangoing merchant vessels with a track record of delivering quality ships. Aker Philadelphia Shipyard is a member of the Norwegian-based Aker family of global companies, leaders in global growth markets including energy technologies, energy resources, maritime technologies, seafood and marine biotechnology.

Source: Aker Philadelphia Shipyard