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Form 8-K International Seaways, For: Dec 22

December 22, 2016 5:01 PM EST

 

United States

Securities and Exchange Commission

Washington, D.C. 20549

                                                                   

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

 

                      December 22, 2016                      

Date of Report (Date of earliest event reported)

 

 

International Seaways, Inc.

(Exact Name of Registrant as Specified in Charter)

 

 

            1-37836-1            

Commission File Number

 

 

Marshall Islands   98-0467117
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification Number)

 

 

 

600 Third Avenue, 39th Floor 

           New York, New York  10016           

 

(Address of Principal Executive Offices) (Zip Code)

 

 

 

Registrant's telephone number, including area code (212) 578-1600

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

 

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 

Section 8 – Other Events

 

Item 8.01 Other Events.

 

On December 22, 2016, International Seaways, Inc. issued a press release announcing that its joint venture with Euronav NV received a letter of award from North Oil Company, future operator of the Al Shaheen oil field, for a 5 year extension of its current contractual service relating to floating storage and offloading (“FSO”) Africa and FSO Asia, each vessel having a capacity of 3 million barrels. The award is subject to successful negotiation and documentation of the services contracts. A copy of the press release is attached hereto as Exhibit 99.1.

 

Section 9 – Financial Statements and Exhibits.

 

Item 9.01 Financial Statements and Exhibits.

 

(d)       Exhibits

 

Exhibit No. Description
99.1 Press Release dated December 22, 2016.

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  INTERNATIONAL SEAWAYS, INC.   
  (Registrant)
   
Date: December 22, 2016 By /s/ James D. Small III
   

Name:    James D. Small III

Title:      Chief Administrative Officer, Senior Vice President, Secretary and General Counsel

 

 

 

 

 

 

EXHIBIT INDEX

 

Exhibit No. Description
99.1 Press Release dated December 22, 2016.

 

 

 

 

 

 

Exhibit 99.1

 

 

 

 

 

International Seaways Announces Letter of Award for FSO Project

 

 

New York, NY – December 22, 2016 – International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”) announced today that the joint venture with Euronav NV (NYSE: EURN & Euronext: EURN) has received a letter of award in relation to a contract for five years for the service of the FSO Africa and FSO Asia in direct continuation of the current contractual service. The letter of award was received from North Oil Company, the future operator of the Al Shaheen oil field, whose shareholders are Qatar Petroleum Oil & Gas Limited and Total E&P Golfe Limited. This award is subject to successful negotiation and documentation of the services contracts. The intent is that the new contracts for these custom-made floating storage and offloading (FSO) service vessels, each having a capacity of three million barrels, that have been serving the Al Shaheen field without interruption since 2010, will have a duration of five years starting at the expiry of the existing contracts with Maersk Oil Qatar. The existing contracts will remain in force until their expiry in the third quarter of 2017.

 

If negotiations and documentation are successfully concluded, the new contracts are expected over their full duration to generate revenues for the joint venture in excess of $360 million, excluding reimbursement for agreed operating expenses, which will be dealt with on an open book basis. The signing of definitive services contracts remains subject to the resolution of substantive business terms and conditions, and no assurance can be given that such resolution will be achieved.

 

 

About International Seaways, Inc.

 

International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 55 vessels, including one ULCC, eight VLCCs, eight Aframaxes/LR2s, 12 Panamaxes/LR1s and 20 MR tankers. Through joint ventures, it has ownership interests in four liquefied natural gas carriers and two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at www.intlseas.com.

 

 

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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 each of the Companies. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to each of the Company’s plans to issue dividends, its prospects, including statements regarding trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on each of 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 Registration Statement on Form 10 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.

 

 

 

Investor Relations & Media:
International Seaways, Inc.
Brian Tanner, 212-578-1645
[email protected] 

 

 

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