Nordic Business Report-February 8, 2007-Aker American Shipping wins USD700m product tankers contract from Overseas Shipholding Group Inc (C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com Norwegian holding group Aker ASA said on Thursday (8 February) that its US subsidiary Aker American Shipping has received a preliminary contract for up to six product tankers from Overseas Shipholding Group Inc. The vessels will be built by Aker Philadelphia Shipyard. The vessels will be owned by Aker American Shippings subsidiary American Shipping Corporation, which will bareboat charter them to Overseas Shipholding Group on long-term agreements. The deal is expected to be worth over USD700m for Aker American Shipping. Aker, headquartered in Oslo in Norway, is a worldwide engineering, technology, shipbuilding and fisheries industry group with over 50,000 employees and annual revenues of approximately NOK80bn. Its core businesses include Aker Kvaerner, Aker Yards, Aker American Shipping, Aker Seafoods, Aker Material Handling, Aker Drilling and Aker Floating Production. Aker is listed on the Oslo Stock Exchange and traded under the ticker AKER. One British pound (GBP) is worth approximately 1.97 US dollars (USD). One British pound (GBP) is worth approximately 12.17 Norwegian kroner (NOK). ((Comments on this story may be sent to [email protected]))