Polar Tankers Exercises $197 Million Option With Litton for
Fourth Double Hull Tanker
WOODLAND HILLS, Calif. - Oct. 13, 2000 - Litton Industries
(NYSE:LIT) today announced that Polar Tankers Inc. of Long Beach,
Calif., a subsidiary of Phillips Petroleum Co., has exercised
an option with Litton's Avondale Industries Inc. subsidiary for
a fourth double hull, crude oil carrier, valued at $197 million.
Under a contract awarded in 1997, Litton Avondale currently has
three 125,000 DWT crude oil carriers
......
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