NEW YORK, Feb. 7, 2006 (PRIMEZONE) -- Overseas Shipholding Group, Inc. (NYSE:OSG) announced today that charter agreements with BP have been signed for two of the Jones Act product carrier newbuildings that OSG will bareboat upon delivery from Aker Philadelphia Shipyard, formerly Kvaerner Philadelphia Shipyard.
Morten Arntzen, President and CEO of OSG 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 the yard's dry dock in October. Production of the second vessel in the series has commenced as well, marked by the beginning of steel cutting for the ship in late November.
About OSG
Overseas Shipholding Group, Inc. (OSG) is a market leader in global energy transportation services. The Company owns and operates International Flag and U.S. Flag fleets that transport crude oil, petroleum products and dry bulk commodities throughout the world. The Company's modern fleet is comprised of 89 vessels aggregating 11.4 million deadweight tons. Organized in 1969 and headquartered in New York, New York, OSG has offices in Athens, London, Manila, Newcastle and Singapore. More information about OSG is available at the Company's web site at http://www.osg.com.