NEW YORK--(BUSINESS WIRE)--
International Seaways, Inc. (NYSE:INSW) (the “Company” or “INSW”)
announced today it has completed the spin-off from its former parent
company, Overseas Shipholding Group, Inc., and has begun operating as an
independent, publicly traded company. Starting December 1, 2016, the new
International Seaways will begin “regular-way” trading on the New York
Stock Exchange (“NYSE”) under the ticker symbol “INSW”.
“This is a historic day for International Seaways, its employees and its
shareholders,” said Lois K. Zabrocky, INSW’s President and CEO. “The
completion of the separation simplifies our operating structure,
enhances our strategic focus and creates a more distinct investment
profile, which will allow us to attract a broader base of shareholders.
We are launching at a favorable time in the market cycle with a strong
financial position that we believe will provide us with multiple
opportunities to create value for our shareholders,” Zabrocky concluded.
At 5:00 p.m. on Nov. 30, 2016, 100 percent of the shares of
International Seaways were distributed to OSG shareholders and
warrantholders. 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 warrantholders
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 warrantholders received
cash in lieu of any fractional shares.
In connection with the listing of its shares of common stock on the
NYSE, President and CEO Lois K. Zabrocky along with members of the
Company will ring The NYSE Closing Bell on Friday, December 2, 2016. The
NYSE Closing Bell is broadcast live from the NYSE and interested parties
may stream the ceremony live at 4:00pm Eastern Time by visiting https://www.nyse.com/bell.
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 venture partnerships, 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.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161201005727/en/
Investor Relations & Media:
International Seaways, Inc.
Brian
Tanner, 212-578-1645
btanner@intlseas.com
Source: International Seaways, Inc.