Aker Philly delivers first of ExxonMobil aframax duo

JUNE 13, 2014 — Aker Philadelphia Shipyard ASA (Oslo: AKPS), has delivered the first of two aframax tankers to SeaRiver Maritime, Inc. (SeaRiver), Exxon Mobil Corporation's U.S. marine affiliate. The 820 foot long, 115,000 deadweight ton tanker will transport up to 800,000 barrels of Alaskan North Slope crude oil from Prince William Sound, Alaska to the U.S. West Coast.

"We are proud to have delivered this fine vessel, the Liberty Bay, to a first class customer such as SeaRiver and are confident it will serve them well for many years. The men and women of the shipyard have completed the largest vessel built in Philadelphia in nearly 70 years and further cemented APSI's important place as part of the domestic energy solution," said Steinar Nerbovik, APSI's Managing Director.

Delivery was later than originally scheduled. As previously disclosed in the shipbuilder's first quarter 2014 report, during sea trials in March 2014, "a defect in the propulsion system was discovered arising from a third-party supplied component."

All remedial efforts to resolve this issue, in addition to owner requested change orders, were completed as planned. The rework impacted the vessel's schedule as previously disclosed, but did not result in any liquidated damages.

Aker Philadelphia is currently constructing an additional 115,000 dwt crude oil tanker for SeaRiver and two 50,000 dwt product tankers for Crowley. In addition to the vessels currently under construction, the shipyard has contracts for two more 50,000 dwt product tankers for Crowley, two 50,000 dwt product tankers for Philly Tankers LLC, and two 3,600 TEU containerships for Matson Navigation with deliveries in 2018.