Aker Philadelphia Shipyard Starts Construction of Second Aframax Tanker for SeaRiver Maritime, Inc.

PHILADELPHIA--(BUSINESS WIRE)--

Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of Aker Philadelphia Shipyard ASA AKPS, began production activities today on the second of two Aframax tankers that it is building for SeaRiver Maritime, Inc. (SeaRiver), Exxon Mobil Corporation's U.S. marine affiliate. The construction of the two tankers, valued at $400 million, will create more than 1,000 jobs.

A small ceremony was held in the shipyard's Fabrication Shop to commence cutting on the ship's first steel plate. These plates will become part of the double hull of the tanker that protects the cargo tanks. When completed in 2014, the vessels will be 820 feet long and be capable of carrying 115,000 tons of crude oil. The tankers are intended to be used to transport Alaskan North Slope crude oil from Prince William Sound to the U.S. West Coast.

In addition to the two Aframax tankers for SeaRiver, Aker Philadelphia Shipyard is also currently constructing one 46,000 deadweight ton product tanker for delivery in early 2013 to Crowley. For more information on the shipyard, please visit www.akerphiladelphia.com.

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.