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February 8, 2006

BP charters for two OSG Jones Act newbuilds

Overseas Shipholding Group, Inc. (NYSE:OSG) says charter agreements have been signed with BP for two of the Jones Act product carrier newbuildings that OSG will bareboat on delivery from Aker Philadelphia Shipyard.

OSG President and CEO Morten Arntzen said: "The strong commercial interest in these U.S.-built product carriers further validates our U.S. Flag expansion strategy, uniquely positioning us in the Jones Act market. With two other tankers in the series already chartered out to another major oil company, OSG has now signed 40 percent of the 10-ship order scheduled for completion in 2010.''

Work on the Veteran MT-46 Class tanker vessels began immediately after Aker and OSG announced the 10-ship program in April 2005.

Keel laying for the first product tanker, scheduled for delivery to OSG in late 2006, took place in October. Production of the second vessel in the series is also under way, marked by the beginning of steel cutting for the ship in late November.

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