AT&V and TKK Joint Venture

AT&V and TKK Joint Venture to Supply 1 Million Barrel Capacity, LNG Storage Tanks to U. S. Markets

Houston, Thursday, November 15, 2001.  American Tank & Vessel, Inc. (AT&V) announced today it has entered into an agreement with Toyo Kanetsu K. K. (TKK) to jointly supply all types of large-scale LNG storage tanks to the U. S. market.  W. T. Cutts, AT&V Sr. Vice President and Director in charge of the company’s marketing and contracting says, “this long-term agreement with TKK will support the sharing of technology and know-how of both companies and utilize AT&V’s domestic operations for labor and equipment to supply LNG tanks for storage capacities of one million barrels or more”.

Cutts says, “this agreement also supports AT&V’s efforts to advance TKK marketing in the U. S. while TKK advances our company’s position in Asia”.  This means that TKK will act to support the construction equipment needs and labor issues associated with Asia-Pak Tank & Vessel, Inc., a wholly owned subsidiary of AT&V.  “AT&V’s above ground storage tank product line is made complete by this agreement”, Cutts continues, “and at the same time, our Asia-Pak Tank & Vessel’s ability to deliver for its Asia market customers is bolstered”.

American Tank & Vessel, Inc. was begun in Mobile, AL in 1982.  The company provides design, fabrication/pre-fabrication, production, shipping and construction of field erected and shop built storage tanks, pressure vessels, spheres, towers, stacks, bins, silos and other equipment formed and welded from all types of steel plate.  AT&V corporate and financial offices are located in Mobile.  The company’s main operations facilities and engineering offices are in nearby Lucedale, George County, MS, which is approximately 30 miles north of Pascagoula, MS.  AT&V has management, engineering offices and construction support facilities in Houston, TX, Baton Rouge, LA and Birmingham, AL in the U. S.  Abroad, the company offers sales and service support in eight countries around the world.

TKK was established in 1941 and began producing and supplying welded steel storage tanks in 1950.  TKK is a publicly held corporation trading on the Nikkei Stock Exchange and maintains its central offices in Tokyo, Japan.  TKK Tank Systems has constructed 72 large-scale LNG storage tanks over the last 30 years.  These include the free world’s largest LNG storage tank, which has a capacity of 180,000 cubic meters.