Scorpio Tankers Announces Second Quarter 2017 Earnings Release Date
August 14 2017 - 4:25PM
Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio Tankers” or the
“Company”) announced today that it will release its second quarter
2017 earnings before the market open on Monday September 18, 2017
as a result of the pending merger with Navig8 Product Tankers Inc
(“NPTI”). The Company will also host a conference call on
September 18, 2017. The conference call details will be sent
out at a later date.
On May 23, 2017, the Company announced that it had entered into
definitive agreements to merge with NPTI (the “Merger”). In
conjunction with the Merger, the Company agreed to purchase four
subsidiaries of NPTI, each of which owned an LR1 tanker (the “LR1
Vessels”), and on June 14, 2017, the Company completed the purchase
of the entities that own the LR1 Vessels.
The Merger is expected to close in the third quarter of 2017 and
is subject to the completion of certain customary conditions,
including without limitation, the approval of the Merger by holders
of a majority of the outstanding shares of common stock of NPTI and
the listing on the New York Stock Exchange of the Company’s shares
to be issued as consideration in the Merger.
About Scorpio Tankers Inc.Scorpio Tankers is a
provider of marine transportation of petroleum products worldwide.
Scorpio Tankers currently owns 82 product tankers (23 LR2, four
LR1, 41 MR and 14 Handymax tankers) with an average age of 2.5
years and time or bareboat charters-in 20 product tankers (two
LR2s, nine MRs and nine Handymax tankers). Scorpio Tankers has
contracted for four newbuilding MR product tankers, which are
expected to be delivered throughout the remainder of 2017 and the
first quarter of 2018. The Company has also entered into a merger
agreement with NPTI to acquire 23 product tankers (eight LR1 and 15
LR2 tankers), which is expected to close during the third quarter
of 2017. Additional information about Scorpio Tankers is
available at Scorpio Tankers’ website www.scorpiotankers.com,
which is not a part of this press release.
About Navig8 Product Tankers IncNPTI is
a Marshall Islands corporation formed for the purpose of
acquiring and operating LR1 and LR2 tankers with fuel-efficient
specifications and carrying capacities between 74,000 dwt and
113,000 dwt in the international product tanker market. Following
the sale of 4 LR1 tankers to Scorpio Tankers, NPTI currently has a
fleet of 23 eco-design product tankers (15 LR2 and 8 LR1
tankers). These vessels were financed through bank debt, sale
leaseback transactions and cash on hand. All of NPTI’s vessels are
operated in pools managed by the Navig8 Group.
Forward-Looking StatementsMatters discussed in
this press release may constitute forward-looking statements. The
Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to
encourage companies to provide prospective information about their
business. Forward-looking statements include statements concerning
plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements, which are other
than statements of historical facts. Scorpio Tankers desires to
take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor
legislation. The words “believe,” “expect,” “anticipate,”
“estimate,” “intend,” “plan,” “target,” “project,” “likely,” “may,”
“will,” “would,” “could” and similar expressions identify
forward-looking statements.
The forward-looking statements in this press release are based
upon various assumptions, many of which are based, in turn, upon
further assumptions, including without limitation, management’s
examination of historical operating trends, data contained in
company records and other data available from third parties.
Although management believes that these assumptions were reasonable
when made, because these assumptions are inherently subject to
significant uncertainties and contingencies which are difficult or
impossible to predict and are beyond the company’s control, there
can be no assurance that Scorpio Tankers will achieve or accomplish
these expectations, beliefs or projections. The Company undertakes
no obligation, and specifically decline any obligation, except as
required by law, to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
In addition to these important factors, other important factors
that, in our view, could cause actual results to differ materially
from those discussed in the forward-looking statements include the
ability of Scorpio Tankers to successfully complete the proposed
merger on anticipated terms and timing, including obtaining
required shareholder and regulatory approvals, unforeseen
liabilities, future capital expenditures, revenues, expenses,
earnings, synergies, economic performance, indebtedness, financial
condition, losses, future prospects, business and management
strategies for the management, expansion and growth of the new
combined company’s operations and other conditions to the
completion of the acquisition, risks relating to the integration of
NPTI’s operations and the possibility that the anticipated
synergies and other benefits of the proposed acquisition will not
be realized or will not be realized within the expected timeframe,
the outcome of any legal proceedings related to the merger, the
failure of counterparties to fully perform their contracts with us,
the strength of world economies and currencies, general market
conditions, including fluctuations in charter rates and vessel
values, changes in demand for tanker vessel capacity, changes in
our operating expenses, including bunker prices, drydocking and
insurance costs, the market for our vessels, availability of
financing and refinancing, charter counterparty performance,
ability to obtain financing and comply with covenants in such
financing arrangements, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, general domestic and
international political conditions, potential disruption of
shipping routes due to accidents or political events, vessels
breakdowns and instances of off-hires, and other factors. Please
see Scorpio Tankers’ filings with the SEC for a more complete
discussion of certain of these and other risks and
uncertainties.
Scorpio Tankers Inc.
212-542-1616
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