Seafarers-contracted Overseas Shipholding Group, Inc. (OSG) recently announced that its subsidiaries have completed the purchase of three SIU-crewed, U.S.-flagged tankers – the Alaskan Explorer, Alaskan Legend, and Alaskan Navigator – from BP Oil Shipping Company USA and BP AMI Leasing Inc.
OSG has also entered into a bareboat charter with BP for a fourth vessel, the Alaskan Frontier, as well as completing the acquisition of Alaska Tanker Company LLC (ATC), which still serves as the operator of the vessels.
As previously reported, all SIU jobs remain secure aboard the ships.
The vessels purchased will continue to be operated by ATC under time charters with BP Exploration (Alaska), Inc., with firm charter periods lasting until 2022, 2025, and 2026. Each charter also provides for five one-year extension options.
OSG President and CEO Sam Norton stated, “The swift completion of this series of transactions within 80 days of reaching definitive agreements is a testimony to both the commitment of and co-operation among OSG and ATC personnel. All involved worked extremely hard to bring about the successful outcome that we are announcing today, an outcome that once again reflects well on both organizations’ focus on excellence in execution of all aspects of work undertaken. I am gratified to be part of such a dedicated team of professionals and salute their achievement.” Norton continued, “We have long viewed consolidation among owners of Jones Act tankers as an opportunity for OSG to build on its industry-leading franchise in serving the distribution needs of domestic oil producers and refiners. The addition of ATC and its operated vessels to OSG’s platform is a notable achievement in this context, providing the opportunity for substantial additional revenue in the years to come and cementing a long-standing presence in the highly demanding and important Alaskan crude oil trade.”
Anil Mathur, ATC’s outgoing president and CEO, and special advisor to OSG, stated, “These are indeed exciting times for ATC. Being part of the OSG family provides new additional opportunities for ATC personnel. I am also pleased that we are retaining the shipboard and the shore support personnel directly responsible for the operations integrity of the tankers. This best provides for continuity of ATC’s strong safety and environmental performance.”
Meanwhile, OSG in late March announced that it has finalized plans to build an articulated tug-barge (ATB) at Gunderson Marine in Portland, Oregon. The new tonnage is slated for delivery later this year.