Kvaerner Philadelphia Gets Huge Double-Hull Tanker Deal

Published Apr 21, 2005 12:01 AM by The Maritime Executive

Under the contract, the shipyard will build ten tankers costing about $80 million each, over the next five years. Kjell Inge Rokke, the yard's owner, has created a subsidiary, the American Shipping Group, which will own Kvaerner Philadelphia and lease the tankers it builds.

Mr. Rokke has signed a deal with Overseas Shipholding Group Inc. of New York, which will operate the tankers at a cost of $500 million over five years. There is also an option to build two more double-hull tankers in the near future.