Crowley Takes Delivery of Second of Four New, LNG-Ready, Jones Act Product Tankers from Philly Shipyard, Inc.

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Crowley Maritime Corp. took delivery of Texas, the second of four new, Jones Act, product tankers, this week from Philly Shipyard, Inc. (PSINC), the sole operating subsidiary of Philly Shipyard ASA.

Crowley Maritime Corp. takes delivery of Texas, the second of four new, Jones Act, product tankers

The introduction of vessels like Ohio and Texas with their advanced technology and environmentally friendly fuel options prove that we are innovating the industry and we are doing it with American built, Jones Act vessels.

Crowley Maritime Corp. took delivery of Texas, the second of four new, Jones Act, product tankers, today from Philly Shipyard, Inc. (PSINC), the sole operating subsidiary of Philly Shipyard ASA. The 50,000 dead-weight-tons (dwt), 330,000-barrel-capacity Texas joins sister ship Ohio, which was received by Crowley in October, as the first ever tankers to receive the American Bureau of Shipping’s (ABS) LNG-Ready Level 1 approval, meaning Crowley has the option to convert the tanker to liquefied natural gas (LNG) propulsion in the future. The remaining two product tankers being built by PSINC (formerly known as Aker Philadelphia Shipyard, Inc.) for Crowley are under construction with planned deliveries in 2016.

“We are excited to close out 2015 with the addition of this technologically advanced vessel to our fleet of U.S.-coastwise product tankers,” said Crowley’s Rob Grune, senior vice president and general manager, petroleum and chemical transportation. “We constantly strive for ways to enhance the services we provide to our chemical and petroleum customers. The introduction of vessels like Ohio and Texas, with their advanced technology and environmentally friendly fuel options, prove that we are innovating the industry and we are doing it with American built, Jones Act vessels.”

“We are proud to deliver another ship to Crowley and the first under our new name, Philly Shipyard. The Texas, like our 21 previously delivered vessels, continues the long tradition of men and women building quality vessels in Philadelphia,” remarked Philly Shipyard’s President and CEO Steinar Nerbovik. “As we continue to build the eight ships in our backlog, we are always looking for more skilled men and women to add to our team.”

The new 50,000 dwt product tankers are based on a proven Hyundai Mipo Dockyards (HMD) design which incorporates numerous fuel efficiency features, flexible cargo capability, and the latest regulatory requirements. The vessel is 600 feet long and is capable of carrying crude oil or refined petroleum products.

Crowley’s Seattle-based, naval architecture and marine engineering subsidiary Jensen Maritime is providing construction management services for the product tankers. Jensen now has an on-site office and personnel at the Philadelphia shipyard to ensure strong working relationships with shipyard staff and a seamless construction and delivery program.

About Philly Shipyard
Philly 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. Philly Shipyard is listed on the Oslo Stock Exchange and is majority-owned by Converto Capital Fund, which in turn is majority-owned by Aker ASA. Aker is a Norwegian industrial investment company that creates value through active ownership. Aker's investment portfolio is concentrated on key Norwegian industries that are international in scope: oil and gas, fisheries and biotechnology, and marine assets. Aker's industrial holdings comprise ownership interests in Aker Solutions, Kvaerner, Det norske oljeselskap, Aker BioMarine, Ocean Yield, Havfisk and Akastor.

About Crowley
Jacksonville-based Crowley Holdings Inc., a holding company of the 123-year-old Crowley Maritime Corporation, is a privately held family and employee-owned company. The company provides marine solutions, energy and logistics services in domestic and international markets by means of six operating lines of business: Puerto Rico Liner Services, Caribbean and Latin America Liner Services, Logistics Services, Petroleum Services, Marine Services and Technical Services. Offered within these operating lines of business are: liner container shipping, logistics, contract towing and transportation; ship assist and escort; energy support; salvage and emergency response through its 50 percent ownership position in Ardent Global; vessel construction and naval architecture through its Jensen Maritime subsidiary; global ship management; government services, and petroleum and chemical transportation, distribution and sales. Additional information about Crowley, its subsidiaries and business units may be found on the Internet at http://www.crowley.com.

About Jensen Maritime
Seattle-based Jensen Maritime Consultants, Inc. is a full service naval architecture and marine engineering firm owned by Crowley Maritime Corporation. With more than 50 years’ experience working around the world, Jensen offers a diverse range of consulting, design and engineering services. The company is a recognized leader in the design of many types of workboats and offshore vessels and has built a favorable reputation over a long history of successful designs and conversions – always paying close attention to the entire design lifecycle. Jensen’s services include vessel design, construction management, production engineering, project management and salvage engineering as well as on-site consulting services and on-location assistance anywhere in the world. Additional information about Jensen may be found at http://www.jensenmaritime.com.

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