NEW YORK--(BUSINESS WIRE)--Overseas Shipholding Group, Inc. (NYSE:OSG) (“OSG”) and International Seaways, Inc. (NYSE:INSW.WI) (“INSW”) today announced they will host an investor day on Tuesday, December 6, 2016 in New York City. As previously announced, OSG plans to separate its international and domestic businesses into two independent, publicly traded companies. The spin-off is expected to be effective as of 5:00 p.m. ET on November 30, 2016.
The two events will include presentations by senior management teams from Overseas Shipholding Group and International Seaways.
Key Speakers for International Seaways (10:00 a.m. – 12:00 p.m.)
- Lois K. Zabrocky, President and Chief Executive
- Jeffrey D. Pribor, Senior Vice President and Chief Financial Officer
Key Speakers for Overseas Shipholding Group (1:00 p.m. – 3:00 p.m.)
- Samuel H. Norton, President and Chief Executive U.S. Strategic Business Unit
- Rick F. Oricchio, Senior Vice President and Chief Financial Officer
Institutional investors and analysts interested in attending the event should register through http://www.irevents.com/investorday-osg-insw/2016/ or contact Daniela Guerrero of Capital Link at +1-212-661-7566 or e-mail firstname.lastname@example.org.
A live webcast of both presentations will be available from the Investor Relations section of the OSG website at http://www.osg.com/.
About Overseas Shipholding Group, Inc.
Overseas Shipholding Group, Inc. (NYSE:OSG) is currently a publicly traded tanker company providing energy transportation services for crude oil and petroleum products in the U.S. and International Flag markets. OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is currently headquartered in New York City, NY.
The previously announced spin-off of its International Flag business is expected to be effective on November 30, 2016. After the spin-off, OSG will consist of the currently existing U.S. Flag business, which is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 24-vessel U.S. Flag fleet consists of eight ATBs, two lightering ATBs, three shuttle tankers, nine MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program. OSG will be headquartered in Tampa, FL. More information is available at www.osg.com.
About International Seaways, Inc.
After the spin-off, International Seaways, Inc. (NYSE:INSW.WI) will be 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 will be headquartered in New York City, NY.
This release contains forward-looking statements. In addition, the Companies 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 and make payments to security holders, its prospects, including statements regarding trends in the tanker and articulated tug/barge markets, and possibilities of spin-offs or certain 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 Annual Report on Form 10-K for OSG and the Registration Statement on Form 10 for INSW and in similar sections of other filings made by each of the Companies with the SEC from time to time. The Companies assume no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward looking statements attributable to the Companies 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 Companies with the SEC.