SeaRiver Maritime Inc., a U.S. marine affiliate of ExxonMobil Corporation (XOM) inked an agreement with Aker Philadelphia Shipyard for the construction of two new Liberty Class tankers. The contract, valued at $400 million, is projected to generate more than 1,000 jobs over its two-year construction period.
The double hull tankers will be used to carry crude oil from Alaska North Slope to U.S. West Coast destinations. The construction is expected to begin in mid 2012 and is scheduled for delivery in 2014. The vessels are substitutes for two existing double hull tankers.
The tankers will go beyond the current environmental and energy efficiency standards and will be equipped with the most recent navigation and communications gear. The vessels with a massive capacity to carry 730,000 barrels of crude oil each will assist in meeting the U.S.energy demand.
The U.S. shipbuilding company Aker Philadelphia has partnered with Samsung Heavy Industries, a renowned name for shipbuilding technologies, to build the two U.S.crude oil tankers.
The development of Marcellus shale has provided the Pennsylvania economy with affordable energy supply and this project will further supplement the Pennsylvania economy along with generating revenue for the government.
SeaRiver Maritime, Inc, is a privately held wholly owned subsidiary of ExxonMobil. The company is headquartered in Houston, Texas and offers an extensive range of technical and commercial marine services to ExxonMobil associates throughout the world. It was formed in the early 1990s when Exxon spun off its maritime operations to form a new company.
We maintain a Neutral rating on ExxonMobil for the long term. The company faces major threats from companies such as Valero Energy Corporation (VLO) and Chevron Corporation (CVX).
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