ExxonMobils U.S. Marine Affiliate to Build Two New Crude Carriers in Philadelphia

Exxon Mobil Corporation’s U.S. marine affiliate, SeaRiver Maritime, Inc., signed an agreement today with Aker Philadelphia Shipyard for the construction of two new Liberty Class tankers valued at $400 million, which will create more than 1,000 direct jobs.

“This project is a reminder of the importance of America’s energy industry during the current challenging economic times”

The double hull vessels will be used to transport Alaska North Slope crude oil to U.S. West Coast destinations and will be built to include the latest navigation and communications equipment and exceed current environmental and energy efficiency standards.

“This project is a reminder of the importance of America’s energy industry during the current challenging economic times,” Andrew P. Swiger, ExxonMobil senior vice president, said at a ceremony attended by Pennsylvania Gov. Tom Corbett.

“The jobs and other benefits generated by the construction of these ships will be in addition to the thousands of jobs and millions in government revenues our industry has already created in Pennsylvania through development of Marcellus shale gas, which is also providing new, affordable supplies of energy to fuel our nation’s economy.”

Aker Philadelphia Shipyard, a leading U.S. shipbuilding facility in Pennsylvania, will build the two U.S. flag, crude oil tankers in partnership with Samsung Heavy Industries, a leader in shipbuilding technologies.

Project planning work is under way; construction of the 115,000 deadweight ton tankers is expected to begin by mid-2012. The vessels are scheduled for delivery in 2014 and each will be capable of carrying 730,000 barrels of crude oil to help meet U.S. energy needs. They will replace two existing double hull tankers.

All cargo and fuel compartments will be equipped with double hull protection. Main engine and auxiliary systems will be energy efficient and generate lower air emissions than what is required by current regulatory standards.

“Even before the first cut of steel, the project will contribute to the ongoing growth and development of the economy and Aker Philadelphia Shipyard,” said Will Jenkins, president of SeaRiver. “It will support jobs for the shipyard workforce, for the steel industry, and for countless material, equipment and service providers across the commonwealth and beyond. Following commissioning, the vessels will join our fleet in supporting our customers and the energy needs along the U.S. West Coast for decades to come.”

Swiger said the U.S. oil and gas industry could do even more to create jobs and economic growth with access to resources currently kept off limits to development by government policies.

“America’s energy industry can invest for the long-term, and with every project success, we can build stronger communities and provide new sources of revenue to state and local governments,” said Swiger.

“What we celebrate today is a reminder of what America’s energy industry can do and is doing – investing in our country. We believe that expanding supplies of affordable, reliable energy is one of the best ways to get our economy moving again.”