NEW DOUBLE-HULL TANKER FOR MOBIL CORPORATION CHRISTENED AT NEWPORT NEWS SHIPBUILDING

NEWPORT NEWS, Va., September 10, 1997 - Today, at Newport News Shipbuilding the double-hull petroleum products tanker American Progress was christened by Mobil Corporation. The American Progress is the first double-hull vessel built in a U.S. shipyard to standards required in the U.S. Oil Pollution Act of 1990 (OPA-90). OPA-90 requires all ships carrying petroleum products in U.S. coastal waters be double-hull by 2015.

"This fine 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 American Progress reflects Mobil’s dedication to maintaining its leadership position in marine transportation. But 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."

"We are particularly pleased to have this new ship to support our marketing efforts in Florida," said Brian Baker, Chief Operating Officer, Mobil North America Marketing and Refining. "We take safety and protection of the environment very seriously. As we transport our products across the Gulf of Mexico and around South Florida, the American Progress provides an additional margin of safety for the environment."

"Newport News Shipbuilding is very pleased to have built its first commercial ship in more than two decades for such an outstanding company as Mobil," said Bill Fricks, Chairman and CEO of Newport News Shipbuilding. "American Progress is a well-built, quality ship that will provide its owners with first-class service."

Principal speaker for the naming ceremony was Admiral Robert E. Kramek, Commandant, United States Coast Guard. The sponsor for the ship’s christening was Ms. Cynthia J. Shevlin of McLean, Va.

American Progress is the first of nine double-hull tankers the Double Eagles being built at Newport News Shipbuilding. The ship will be delivered to Mobil later this month.

Mobil will employ the 46,000 deadweight-ton American Progress 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 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 five percent of the petroleum products transported world-wide over water.

Newport News Shipbuilding 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. The company 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. It is also building eight additional Double Eagle product tankers. Its 1996 revenues totaled $1.87 billion, with earnings before interest and taxes of $140 million. The current backlog is approximately $3.1 billion. The workforce numbers 18,000, making it Virginia's largest private employer.