Jul 25, 2011
Exxon Mobil (NYSE:XOM) U.S. marine affiliate, SeaRiver Maritime, signed a letter of intetn with Aker Philadelphia Shipyard for the construction of two U.S. flag, crude, oil tankers in partnership with Samsung Heavy Industries.
The vessels will be used to transport Alaska North Sloe crude oil from Prince William Sound, Alaska to U.S. West Coast destinations. Project planning work is underway with construction of the 115,000 deadweight ton tankers expected to begin by mid-2012.
The vessels are scheduled for delivery in 2014 and will be capable of carrying 730,000 barrels of crude oil to help meet U.S. energy needs. They will replace two double hull tankers.
Will Jenkins, president of SeaRiver said, "Today's announcement is consistent with our long-term ongoing commitment to safe and reliable marine transportation in the United States and throughout the world. These new vessels will provide jobs for American shipyard workers and help support energy needs along the U.S. West Coast for decades to come."
Exxon Mobil (NYSE:XOM) has a potential upside of 9.3% based on a current price of $85.08 and an average consensus analyst price target of $92.96.
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