| January 30, 1997, FAIRFAX, Va. -- Mobil Corporation
and Newport News Shipbuilding today announced that Mobil will purchase
the first newbuild double-hull ship built in a U. S. shipyard that meets
the requirements of the U. S. Oil Pollution Act of 1990 (OPA-90). OPA-90
requires that by 2015 all ships carrying petroleum products in U. S.
coastal waters be double-hull.
The petroleum product tanker was the first vessel of a four-ship
order received by Newport News from another shipping company, but through
an agreement among the three companies the ship is being sold to meet
Mobil's near-term transportation needs.
"This fine new ship underscores our commitment to operate a fleet
of state-of-the-art double-hull vessels that meet or exceed U. S. and
international environmental and safety requirements," said Gerhard Kurz,
president of Mobil Shipping and Transportation Company. "The purchase
of this ship reflects Mobil's commitment to maintaining its traditional
position as a leader in marine transportation. And we are particularly
pleased to have her available to support our transportation needs in
the sensitive South Florida environment."
"Mobil came to us looking for a ship to replace one that was being
retired from service later this year," said Bill Fricks, chairman and
chief executive officer of Newport News Shipbuilding. "We had one that
was nearing completion for another customer and were pleased that we
were able to structure an arrangement that was good for all three companies."
Mobil will employ the 45,000 deadweight-ton, double-hull ship to
transport refined petroleum products -- gasoline and distillates --
to its Florida markets.
The new ship will be Mobil's third double-hull vessel to enter service.
Two VLCCs (Very Large Crude Carriers), RAVEN and
EAGLE, are now in service, and two more double-hull VLCCs
are on order.
"Mobil takes safety and protection of the marine environment very
seriously," said Kurz. "Double-hull technology is only part of the answer.
Well trained crews, good maintenance practices, a sound management structure
and a total commitment throughout the organization are also essential."
Mobil is a leading oil, natural gas and petrochemical company with
operations in more than 125 countries. Mobil Shipping and Transportation
Company owns or controls 33 ocean-going tankers which transport two
million barrels of crude oil and refined petroleum products per day,
accounting for 5% of the petroleum products transported world-wide over
water.
Newport News Shipbuilding (NYSE:NNS) is America's largest
ship design and construction company. It has produced approximately
800 ships during its 111 years of operations -- including Navy aircraft
carriers, submarines and cruisers. It is currently building the nuclear-powered
aircraft carriers Harry S. Truman (CVN 75) and Ronald Reagan
(CVN 76) and has begun work in preparation for construction of the Navy's
New Attack Submarine. The company's 1995 revenues totaled $1.8 billion,
with operating income of $157 million. It has a current backlog of orders
totaling approximately $3.5 billion. Its workforce of 18,000 makes it
Virginia's largest private employer.
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