OSG Board of Directors Approves Spin-Off of its International Business
October 21 2016 - 4:29PM
Business Wire
Spin-Off to be Named International Seaways,
Inc.
Overseas Shipholding Group, Inc. (NYSE:OSG) (the “Company” or
“OSG”) announced today that its Board of Directors has approved the
previously announced plan to separate its international and
domestic businesses into two independent, publicly traded
companies: Overseas Shipholding Group and International
Seaways.
Upon separation, International Seaways will own and operate one
of the largest fleets of international crude and product tankers
worldwide. OSG will consist of the currently existing U.S. Flag
business, which operates a fleet of tankers and ATBs in the blue
water Jones Act market. Both companies will have industry-leading
market positions, simplified operating structures and strong
financial profiles better enabling management of both companies to
capitalize on long-term growth opportunities.
“Today’s announcement marks another milestone towards the
completion of our business separation,” said Captain Ian T.
Blackley, OSG’s president and CEO. “As two independent,
industry-leading companies, OSG and International Seaways can drive
more focused business strategies and benefit from enhanced
operating and financial flexibility. The separation will also
present a unique opportunity for investors by creating two distinct
and attractive investment profiles, which will allow each company
to attract a broader base of shareholders.”
International Seaways has reserved the stock symbol INSW on the
New York Stock Exchange (“NYSE”), while OSG will maintain the
symbol OSG on the NYSE.
The spin-off and timing remains subject to the satisfaction of
various conditions, including the effectiveness of the Registration
Statement on Form 10. OSG may, at any time, decide to abandon the
spin-off.
Information regarding International Seaways and its business,
including details of the spin-off, are included in International
Seaways’ Registration Statement on Form 10, which International
Seaways has filed with the U.S. Securities and Exchange Commission
(“SEC”) and is available at http://www.sec.gov.
About OSG
Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded
tanker company providing energy transportation services for crude
oil and petroleum products in the U.S. and International Flag
markets. OSG is committed to setting high standards of excellence
for its quality, safety and environmental programs. OSG is
recognized as one of the world’s most customer-focused marine
transportation companies and is headquartered in New York City, NY.
More information is available at www.osg.com.
Forward-Looking Statements
This release contains forward-looking statements. In addition,
the Company may make or approve certain statements in future
filings with the Securities and Exchange Commission (SEC), in press
releases, or in oral or written presentations by representatives of
the Company. All statements other than statements of historical
facts should be considered forward-looking statements. These
matters or statements may relate to the Company’s plans to issue
dividends and make payments to securityholders, its prospects,
including statements regarding trends in the tanker and articulated
tug/barge markets, and possibilities of spin-offs or certain
strategic alliances and investments. Forward-looking statements are
based on the Company’s current plans, estimates and projections,
and are subject to change based on a number of factors. Investors
should carefully consider the risk factors outlined in more detail
in the Company’s Annual Report for 2015 on Form 10-K under the
caption “Risk Factors” and in similar sections of other filings
made by the Company with the SEC from time to time. The Company
assumes no obligation to update or revise any forward-looking
statements. Forward-looking statements and written and oral forward
looking statements attributable to the Company or its
representatives after the date of this release are qualified in
their entirety by the cautionary statements contained in this
paragraph and in other reports previously or hereafter filed by the
Company with the SEC.
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Investor Relations & Media:Overseas Shipholding
Group, Inc.Brian Tanner, 212-578-1645btanner@osg.com
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