Philly Shipyard, Inc. (PSI), the
sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY),
today delivered the West Virginia, the fourth
of four next generation 50,000 dwt product tankers that it has
built for Crowley Maritime Corporation (Crowley). The vessel was
delivered two weeks ahead of the contract delivery date.
This delivery is the 24th vessel built
by PSI (formerly known as Aker Philadelphia Shipyard, Inc.). The
next generation 50,000 dwt product tanker is based on a proven
Hyundai Mipo Dockyards (HMD) design that also incorporates numerous
fuel efficiency features, flexible cargo capability, and the latest
regulatory requirements. The vessel has also received LNG Ready
Level 1 approval from the American Bureau of Shipping (ABS). The
600-foot tanker has a carrying capacity of 14.5 million gallons of
crude oil or refined products.
"Today's delivery marks the
successful completion of a four tanker series for Crowley,"
remarked Philly Shipyard's President and CEO Steinar
Nerbovik. "We have appreciated a strong partnership with
Crowley, stemming from the previous two Crowley tankers delivered
in both 2012 and 2013, and today are proud to add these four safe
and quality vessels to its growing fleet. On behalf of the men and
women at the shipyard, we send our well wishes to the dedicated
crew that will operate the West Virginia."
"The delivery of the West Virginia
represents our total commitment at Crowley to providing the best
performance for our customers with efficiency and innovative
solutions," said Crowley's Rob Grune, senior vice president and
general manager, petroleum services. "The completion of West
Virginia and its sister ships demonstrates our belief in the Jones
Act trade, and our commitment to supporting our economy through
U.S. shipbuilding and crewing. We congratulate Philly Shipyard for
reaching this milestone, as well as the dedicated, hard-working men
and women who build and crew these ships."
In line with the transaction
announced by PHLY on September 22, 2015, at delivery of the
West Virginia, the shipyard sold its interest
in the PSI-Crowley joint venture with respect to that vessel to a
subsidiary of Marathon Petroleum Corporation (MPC). The shipyard
has now completely divested its interests in the PSI-Crowley joint
venture.
The shipyard has commenced
construction of four 50,000 dwt tankers for a subsidiary of Kinder
Morgan, Inc. and two 3,600 TEU containerships for Matson Navigation
Company, Inc. For more information on Philly Shipyard
transactions and projects, please visit www.phillyshipyard.com.
About Philly Shipyard:
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, 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.
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.