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OCEAN SHIPHOLDINGS SIGNS AGREEMENT FOR DESIGN RIGHTS TO GULF OF MEXICO SHUTTLE TANKER

Dec. 18, 2007

Ocean Shipholdings, Inc. (OSI) has signed an agreement with ConocoPhillips [NYSE:COP] and Samsung Heavy Industries [HM.JXL]. This agreement grants OSI the rights to the GoMAX 550 shuttle tanker design for transporting crude oil from the deep-water Gulf of Mexico directly to U.S. refineries.

The diesel-electric powered, dynamically positioned 80,000 dwt double-hulled tanker design will have a capacity of 550,000 barrels of oil which can be loaded from various floating systems including Floating Production Storage and Offloading (FPSO) vessels. The GoMAX will be constructed to meet the Common Structural Rules (CSR) for Tankers.

"We see many benefits to our customers in the GoMAX that make this the optimum design for servicing floating systems in the deep-water Gulf of Mexico," said Jim McGregor, President and Chief Operating Officer of OSI. "This shuttle tanker will provide the capacity and efficiency improvements needed for the scale of crude oil production we expect in the Lower Tertiary trend. ConocoPhillips and Samsung will serve as our advisors in this effort."

Designed by Samsung specifically for production in U.S. shipyards, the new shuttle tankers will meet the Jones Act requirement that vessels operating in the deep-water GOM be constructed in the U.S., U.S. owned, and crewed with U.S. citizens.

For additional information please contact Kyle Durden 281-579-3700 x 8121.


 


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