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Marine Log

February 2, 2007

New union agreement for Aker Philadelphia Shipyard

Aker Philadelphia Shipyard and the Philadelphia Metal Trades Council have announced that a new collective bargaining agreement between the union and the shipyard has been ratified by the Philadelphia Metal Trades membership.

The new agreement comes after months of determined negotiations between the yard and union leadership and will be effective through January 31, 2011.

On the new agreement Dave Meehan, Aker Philadelphia Shipyard President and CEO, remarked, "Our union employees are the backbone of our shipyard, and their hard work and dedication to their crafts are evidenced in the ships we build. This agreement speaks to the commitment of both parties to work together building on our accomplishments to date and looking to the future. It provides a foundation for continuing our solid relationship through the entire ten tanker build program."

Gary Gaydosh, President of the Philadelphia Metal Trades Council, added "Having this new agreement in place helps the shipyard and union work together to ensure a bright future for shipbuilding in Philadelphia. I believe it is a good agreement for both parties."

Aker Philadelphia Shipyard, Inc. is the shipbuilding subsidiary of Aker American Shipping. In conjunction with affiliated subsidiaries, the state-of-the-art shipyard located on the site of the former Philadelphia Navy Yard is in the midst of a project to build, own, and lease product tankers for the U.S. Jones Act market. Aker American Shipping and Aker Philadelphia Shipyard, Inc. are members of the Norwegian-based Aker family of global companies, industry leaders in the fields of shipbuilding, fishery, and technology-based solutions for customers in oil, gas, energy, and process industries.

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