BAE Systems

MOBILE, Alabama – BAE Systems has joined with Mid Ocean Tanker Company (MOTC) to launch the American Phoenix, a U.S. Flag/Jones Act product chemical tanker. Measuring 616 feet long and 105 feet wide, it is largest vessel ever launched from the State of Alabama. It has a draft of 36 feet and a cargo capacity of 49,000 dwt.

The launch is a significant step toward the completion of the American Phoenix, which is owned by MOTC, a joint venture between Mid Ocean Marine and private equity firm Alterna Capital Partners. BAE Systems was contracted in April to finish the ship’s construction at the Mobile shipyard and prepare it for use.

“This is a major event for shipbuilding in the Mobile area,” said Vic Rhoades, director and general manager of BAE Systems Southeast Shipyards Alabama. “In total, the construction of this vessel has created more than 150 full-time jobs.”

The American Phoenix is now about 85 percent complete. When delivered early next year, it will sail to its homeport in Texas and conduct trade in the Gulf of Mexico. The remaining work on the ship, also to be performed by BAE Systems, includes the installation of the pilot house, equipment start ups and systems integration.

The Mobile shipyard has completed more than $14 million in repairs, refurbishments and capital improvements during 2011 to accommodate new construction and existing business. Facility and infrastructure improvements include the installation of a new launch rail system. Future ship construction projects at the shipyard are anticipated to create an additional 150 jobs over the next six months.

About Mid Ocean Marine:
Mid Ocean Marine is a private ship owning and investment company based in Norwalk Connecticut, specializing in U.S. Flag shipping projects.

About Alterna Capital Partners:
Alterna Capital Partners is a private equity firm based in Wilton, Connecticut that invests in Core Capital Assets. Core Capital Assets are the vital, core operating assets of capital-intensive industries such as rail and commercial air transportation, shipping, power generation and transmission, offshore development and production, and heavy industry.

For further information, please contact:

Joe Chopek, BAE Systems
Tel: +1 757 494 2951  Mobile: +1 757 633 8023

Neil Franz, BAE Systems
Tel: +1 301 838 6112   Mobile: +1 240 687 0127