Aker American Shipping

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Aker American Shipping is a maritime company whose holdings include the Aker Philadelphia Shipyard on the site of the former Philadelphia Navy Yard. The company, builds, owns, and leases commercial ships operated in accordance with the U.S. Jones Act. It is listed on the Oslo Stock Exchange. Aker American Shipping and Aker Philadelphia Shipyard, Inc. are members of the Norwegian-based Aker family of global companies, industry leaders in their respective fields.

Announced October 5, 2007, Aker-owned vessels will be the first to serve as U.S. flag shuttle tankers pursuant to the agreement announced today between Overseas Shipholding Group (OSG) and Petrobras America. The two 46,000 dwt Veteran Class tankers will be used to service a Floating Production Storage and Offloading facility (FPSO) at the Chinook and Cascade fields.

Aker American Shipping and OSG announced yesterday an expansion of their relationship from ten to twelve vessels. Aker American Shipping subsidiaries build, own, and then charter tankers to OSG. Two of the twelve products tankers in the series under construction at Aker Philadelphia Shipyard will be converted for shuttle tanker service for use with Petrobras. OSG now has time charters in place with major oil companies or refiners for eleven of the twelve tankers.

Headquarters: Philadelphia, Pennsylvania

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