BW Pacific has signed shipbuilding contracts with STX Offshore and Shipbuilding Co. Ltd. (STX) for four Long Range 1 (LR1) product tankers on 11 December 2014. The agreement with STX includes options for additional vessels, the company said in its press release.
The four firm newbuildings will be delivered in late 2016 and early 2017 and is part of a fleet renewal program.
Andreas Sohmen-Pao, Chairman BW Pacific, says: “BW Pacific looks forward to receiving high quality and technologically advanced newbuildings from STX Offshore and Shipbuilding. By renewing our current fleet with well-built vessels, BW Pacific will continue to strive for outstanding service to customers. We have strong ambitions in the product tanker segment and these vessels will continue our steady growth in the sector.”
The newbuildings will bring BW Pacific's product tanker fleet size to 43.
About BW Pacific
BW Pacific is a joint venture between BW Group and PAG. The BW Group operates a fleet of 150 owned, part-owned or controlled vessels in the tanker, gas and offshore segments. PAG (formerly known as Pacific Alliance Group) is one of the region’s largest Asia-focused investment managers with funds under management across Private Equity, Real Estate and Absolute Return strategies.