Overseas Shipholding Group (OSG) Approves Previously Announced Spin-Off
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Overseas Shipholding Group, Inc. (NYSE: 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.
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