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Aker Philadelphia delivers 4th tanker (4/14)

Aker Philadelphia Shipyard has issued the following news release, which also is available on the shipyard’s web site HERE AKER PHILADELPHIA SHIPYARD DELIVERS FOURTH PRODUCT TANKER (11.04.08) Vessel is the first of two expected in 2008 PHILADELPHIA, PA (April 11, 2008) – Aker Philadelphia Shipyard (Oslo: AKPS) delivered its fourth Veteran Class MT46 tanker vessel today to Aker American Shipping (Oslo: AKASA). It is the first vessel sold for profit to Aker American Shipping following the corporate reorganization that split the ship-owning and shipbuilding operations last December. The 600 foot long tanker is the first to be delivered in 2008, and the fourth in a series of twelve scheduled for completion by early 2011. It will be leased for charter in the US Jones Act market to OSG America and operated by Shell Oil Company for use in transporting petroleum products. Aker Philadelphia Shipyard President Dave Meehan stated, “Completion of this vessel is very significant, and not just because it is delivered on the very day we promised our investors three years ago. We have made the task of successfully building ships here in Philadelphia routine and expected. Still, we can never lose sight of the hard work and challenges overcome by the men and women who built this vessel. The Overseas New York is going to be a valuable addition to Aker American Shipping’s modern fleet of tankers.” On Monday, April 7 in an official naming ceremony, the tanker was formally christened the Overseas New York, by its sponsor, Mrs. Candace Williams. During the ceremony, Mrs. Williams blessed the ship and all who will sail on her, and in keeping with long-held shipbuilding tradition, broke a champagne bottle against the ship. Currently, the yard has three additional product tankers under construction as part of its historic building program; all three are expected to be completed by the end of 2009. Aker Philadelphia Shipyard is a leading US 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. ###