January 7, 2003

NASSCO to design SeaRiver Alaska tankers
General Dynamics' National Steel and Shipbuilding Company (NASSCO) says it has reached an agreement with ExxonMobil's SeaRiver Maritime, Inc. (SeaRiver) of Houston, Texas, to develop a contract design for a 750,000-barrel capacity, double-hull crude oil tanker.

Included with the contract design package will be NASSCO's price and delivery proposal for the detail design and construction of a minimum of two vessels. The SeaRiver tankers will be designed primarily for the movement of crude oil from Alaska to West Coat refineries.

"We are very pleased to have this opportunity to work with SeaRiver on the design of a new double-hull tanker," said Richard Vortmann, president of NASSCO. "This project continues NASSCO's long history of commercial tanker construction."

Work on the contract design will begin immediately and will be delivered by September 2003. Subject to SeaRiver's acceptance of NASSCO's proposed price and delivery schedule, the agreement is expected to lead to a detail design and construction contract by the end of 2003.

NASSCO is currently building two trailerships for Totem Ocean Trailer Express, Inc. (TOTE), and four double-hull tankers for BP Shipping Company of Alaska. In October 2001, NASSCO was awarded a contract for the design and construction of the T-AKE dry cargo/ammunition ship for the Navy. Three ships of the 12-ship program are presently under contract.

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