AKER PHILADELPHIA SHIPYARD DELIVERS NINTH PRODUCT TANKER (17.05.10)

The ninth Veteran Class MT-46 Product Tanker is the thirteenth vessel built by the shipyard

17.05.10

Aker Philadelphia Shipyard (Oslo: AKPS), a leading U.S. commercial shipyard, delivered its ninth Veteran Class MT-46 product tanker Friday 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.

A small naming ceremony was previously held to bless the ship and name her the Overseas Martinez. During the ceremony, Jim Miller, President and CEO, credited this delivery to the strong teamwork by the employees at the shipyard; and said in his remarks, “there is an unspoken recognition here that when one team is successful, we are all successful, and I believe that spirit is contagious. The end result speaks for itself; here we stand on this beautiful 600 foot long vessel handcrafted with the hearts of each employee. It‘s truly amazing.”

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 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.

American Shipping Company (AMSC) owns and leases world-class quality vessels for operation between ports in the United States. When its current series of ten tankers is completed in 2011, AMSC will own the most modern product tanker fleet in the United States.

Aker Philadelphia Shipyard