Gulf Oil and Gas accountACCOUNT

NSCSA Subsidiary Purchase Two Petrochemical Tankers

Source: www.gulfoilandgas.com 12/21/2010, Location: Middle East

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The National Shipping Company of Saudi Arabia (NSCSA) announces that the Board of Directors of The National Chemical Carriers Ltd. Co. (NCC) (one of its affiliates) agreed in their meeting held on Tuesday 21st December, 2010 to sign a contract with SLS Shipbuilding Company of South Korea to purchase (2) Petrochemical tankers for a total price of approximately SAR (322.5) millions with expected delivery during the 1st half of 2011.

The company previously signed a contract with SLS to construct these (2) vessels for a total cost of SAR (367.5) million, but due to delay in the agreed delivery dates, this contract was cancelled on 19th May, 2010.

The company achieved an estimated overall savings of SAR (45) millions in the procurement of these vessels and has received all financial premiums paid plus other related costs.

NCC also has contracts with SLS Shipbuilding of Korea to build (9) tankers that are expected to be received during the next two years.

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