Construction Begins on Third Millennium Class Tanker.Business Editors NEW ORLEANS--(BUSINESS WIRE)--Sept. 5, 2000 Polar Tankers, Inc. announced today that Litton/Avondale Industries, Inc. of New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded , La., has laid the keel of the M/V M/V Motor Vehicles M/V Motor Vessel M/V Merchant Vessel POLAR DISCOVERY, the third Millennium Class tanker being built to carry crude oil from Alaska to the U.S. West Coast. Polar Tankers, based in Long Beach, Calif., is the shipping unit of Phillips Alaska, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Phillips Petroleum Company Phillips Petroleum Company was founded in 1917 by L.E. Phillips and Frank Phillips, of Bartlesville, Oklahoma. Their younger brother, Waite Phillips was the benefactor of Philmont Scout Ranch. Phillips Petroleum was headquartered in Bartlesville, Oklahoma. (NYSE NYSE See: New York Stock Exchange :P). The Millennium Class tankers are the first new crude oil carriers being built specifically for the Alaskan trade in compliance with the Oil Pollution Act of 1990. The Millennium Class tankers will meet and/or exceed existing and proposed environmental regulations. "We're building these tankers because Phillips has a strong commitment to the State of Alaska and to our valued customers and stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. in our U.S. West Coast/Hawaii ports of call," said John Hennon, president of Polar Tankers. The tankers are built with double hulls, which exceed regulatory minimums, double independent engine rooms, twin propellers and twin rudders. The Millennium Class vessels will have cargo, fuel and lubricating oils isolated from the ship's side by ballast tanks or void spaces. The vessels also will meet pending regulations for air emissions from engines. The ships are painted with tin-free anti-fouling paint in deference to proposed regulations. The POLAR DISCOVERY and her sister vessels, the POLAR ENDEAVOUR and the POLAR RESOLUTION, are 272.69 M long by 46.2 M wide by 26.3 M deep (894.7' x 151.6' x 86.29'). The vessels are powered by twin 11,060 KW (15,000 BHP) slow speed diesel engines. The ships have a 2206 KW (3000 HP) bow thruster. The design speed is 16.5 knots loaded and 17.5 knots in ballast. The POLAR DISCOVERY's tanks will hold just over 1 million barrels of cargo at full capacity and 125,000 deadweight tons (DWT DWT abbr. 1. deadweight tonnage 2. deadweight tons ) of cargo for Puget Sound Puget Sound (py  `jĕt), arm of the Pacific Ocean, NW Wash., connected with the Pacific by Juan de Fuca Strait, entered through the Admiralty Inlet and extending in two arms c. , Wash. The POLAR
DISCOVERY will be equipped with the latest electronics to ensure safe
and efficient operation.
The POLAR DISCOVERY will be delivered in late 2002. The first of the Millennium Class tankers, the POLAR ENDEAVOUR, will enter the Alaska trade in early 2001. Polar Tankers' fleet consists of five vessels ranging in size from 50,000 to 265,000 DWT. All of the ships are employed in the Alaska crude trade. Some of the matters discussed in this news release are forward-looking statements that involve risks and uncertainties. Actual results could differ materially based on numerous factors, including new information, the issuance of permits, availability of drilling equipment, and other risks associated with new oil and gas exploration. Additional information on such matters can be found in Phillips' publicly available filings with the Securities and Exchange Commission, including its 1999 report or Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . Copies of the company's filings with the SEC are available free by calling Phillips at 918/661-3700. These reports also are available on the company's Web site at www.phillips66.com. |
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