|06:13 EDT||XOM||Nordic American Tanker awarded 2 year contract by Exxon Mobil subsidiary|
Orion Tankers, a 100% owned subsidiary of Nordic American Tankers, and acting as agents for NAT, has recently renewed its commercial agreement with a subsidiary of ExxonMobil. Cementing a long term relationship between the parties, the contract provides for a firm 2 year extension to the initial one year agreement that took effect May 2012. This new contract demonstrates the oil major's continued faith in NAT's sound financial position and validates management's dedication to safety and to quality operations of its large, high standard suezmax fleet. Typically, a suezmax tanker is carrying one million barrels of crude oil. The contract, which is based upon spot suezmax rates at any given time, has provisions for a world wide service. Given the present market conditions, it is of utmost importance that NAT continues to enjoy access to cargoes as outlined in the agreement.