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NEWS BULLETIN

October 13, 2000 --- Vol. 6, No. 49October 2000

Polar Tankers to build fourth millennium class ship

Polar Tankers Inc. said Oct. 13 that it will build a fourth millennium class tanker to carry crude oil from Alaska to the U.S. West Coast and Hawaii. Polar Tankers, based in Long Beach, Calif., is the shipping unit of Phillips Alaska Inc., a wholly owned subsidiary of Phillips Petroleum Co. The fourth ship contract is valued at $197 million.

"The decision to build a fourth Millennium Class tanker for the Alaska trade reflects Phillips' plan to increase our Alaska production from a current level of 350,000 barrels of oil equivalent per day to approximately 375,000 to 400,000 BOE per day for the foreseeable future," said Kevin Meyers, president of Phillips Alaska. "The start-up of the Alpine field later this year will increase Phillips' net production by 50,000 barrels of oil per day," he said.

The new ship, yet to be named, will enter service in early 2004. The Polar Endeavour will enter the Alaska trade next year. The Polar Resolution and the Polar Discovery will be delivered during the first quarters of 2002 and 2003. Each ship's tanks will hold just over 1 million barrels of cargo at full capacity, but will carry a lesser amount, maximum 125,000 deadweight tons, for Puget Sound, Wash.

Polar Tankers' fleet consists of five vessels ranging in size from 50,000 to 265,000 deadweight tons. All of the ships are employed in the Alaska crude trade.

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