Overseas Shipholding Group (OSG) Announces Completion of International Seaways (INSW) Spin-off
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Overseas Shipholding Group, Inc. (NYSE: OSG) announced that it has completed the previously announced separation of OSG into two independent, publicly traded companies: Overseas Shipholding Group and International Seaways (NYSE: INSW).
“Today marks the start of an exciting new chapter for OSG. We are now a more sharply focused company with a leading and diversified position in the Jones Act market,” said Sam Norton, OSG’s SVP & President and CEO of the U.S. Flag Strategic Business Unit. “We are confident that this focus will allow us to leverage our trusted operating franchise and strong balance sheet to address growth opportunities and drive shareholder value. We will continue to focus on the quality of our operations so as to ensure the delivery of safe, clean, reliable, incident-free transportation services to our customers,” Norton concluded.
At 5:00 p.m. on Nov. 30, 2016, 100 percent of the shares of International Seaways were distributed to OSG shareholders and warrant holders. OSG shareholders received 0.3333 shares of International Seaways common stock for every one share of OSG common stock held at 5:00 p.m. on November 18, 2016, the record date for the spin-off.
For each OSG warrant held on the record date, OSG warrant holders received 0.3333 shares of INSW common stock for every one share of OSG common stock they would have received if they exercised those warrants immediately prior to the distribution date (or approximately 0.06332 INSW shares per warrant). OSG shareholders and warrant holders received cash in lieu of any fractional shares.
International Seaways common stock will begin “regular way” trading on the NYSE under the symbol “INSW” on December 1, 2016.
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