Philly Shipyard Celebrates Keel Laying (5/19)

 

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Philly Shipyard, Inc. issued the following news release on May 19.

 

Philly Shipyard Celebrates Keel Laying Milestone for Second Product Tanker for Kinder Morgan

 

Philly Shipyard, Inc. (PSI), the wholly-owned U.S. subsidiary of Philly Shipyard ASA (Oslo: PHLY), held a ceremonial Keel Laying today for the second product tanker in a four vessel order for American Petroleum Tankers (APT), a Kinder Morgan, Inc. subsidiary.

 

Keeping with long held shipbuilding tradition, coins were placed on one of the keel blocks before the 650 ton unit was lowered into place in the dry dock. Representatives from Philly Shipyard and Kinder Morgan were in attendance to place the coins as a sign of good fortune and safe travels. Philly Shipyard representatives included the most recent recipients of the company's "Safety Team of the Quarter" award, who were recognized for exemplifying safe operation during the first quarter of 2016.

 

Later this month, PSI will also celebrate the grand opening of a new Training Academy. Philly Shipyard has invested in the academy as part of a strategy to grow and develop its workforce. The academy will provide customized training for all levels of production personnel, ranging from new hires to experienced shipbuilders. The facility will also be home to the shipyard's widely respected apprentice program.

 

Steinar Nerbovik, Philly Shipyard's President and CEO, remarked, "With shipbuilding milestones like Keel Laying and facility milestones like the opening of our Training Academy, we continue to propel our organization into the future. Both are significant milestones in the plan to maintain our position as both a premier shipyard and employer."

 

When completed in 2017, the product tanker celebrated today will be 600 feet long and capable of carrying 50,000 tons of crude oil or refined petroleum products. The Tier II 50,000 dead weight ton (dwt) product tankers are based on a proven Hyundai Mipo Dockyards (HMD) design which incorporates numerous fuel efficiency features, flexible cargo capability and the latest regulatory requirements. The vessels will be constructed with consideration for the use of LNG for propulsion in the future.

 

Philly Shipyard has delivered 23 ships in its 17 year history. The four product tankers for APT are currently under construction and have planned deliveries in 2016 and 2017. Also under construction at the shipyard is one 50,000 dwt product tanker for Crowley Maritime Corporation with a planned delivery during Q3 2016 and two 3,600 TEU containerships for Matson Navigation Company, Inc. with planned deliveries in Q3 2018 and Q1 2019. For more information on the shipyard and its projects, please visit www.phillyshipyard.com

 

Kinder Morgan, Inc. (NYSE: KMI) is the largest energy infrastructure company in North America. It owns an interest in or operates approximately 84,000 miles of pipelines and approximately 165 terminals. The company's pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its terminals store petroleum products and chemicals, and handle bulk materials like coal and petroleum coke. For more information please visit www.kindermorgan.com

 

Philly 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. Philly Shipyard is listed on the Oslo Stock Exchange and is majority-owned by Aker Capital II AS, which in turn is majority-owned by Aker ASA. Aker is a Norwegian industrial investment company that creates value through active ownership. Aker's investment portfolio is concentrated on key Norwegian industries that are international in scope: oil and gas, fisheries and biotechnology, and marine assets. Aker's industrial holdings comprise ownership interests in Aker Solutions, Kvaerner, Det norske oljeselskap, Aker BioMarine, Ocean Yield, Havfisk and Akastor.

 

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