Overseas Shipholding Group Announces Share Repurchase Program

Rhea-AI Summary

Overseas Shipholding Group (OSG) has announced a share repurchase program for up to 5 million shares of its common stock. The program allows OSG to buy back shares in open market transactions or privately negotiated deals, depending on market conditions. The purchases will be funded with excess cash, and there is no set timetable or obligation to repurchase a specific amount of stock. This initiative aims to enhance shareholder value and confidence in the company's future.

Positive

• Authorization of a share repurchase program for up to 5 million shares, indicating confidence in the company's financial health.
• Repurchase program funded by excess cash, minimizing financial strain and potential dilution.

Negative

• None.

TAMPA, Fla.--(BUSINESS WIRE)-- Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”) today announced that its Board of Directors has authorized a program to purchase up to five million shares of the Company’s common stock.

Under the program, the Company may repurchase shares from time to time in open market transactions (including the use of trading plans under SEC Rule 10b5-1) or in privately negotiated transactions. The timing and amounts of any purchases will be based on market conditions and other factors, such as price, in accordance with applicable laws. The program has no time limit, may be suspended, modified or discontinued at any time, and does not obligate OSG to purchase any particular amount of its common stock. The Company intends to fund the share repurchase program with excess cash.

About Overseas Shipholding Group, Inc

Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 23 vessel U.S. Flag fleet consists of three crude oil tankers doing business in Alaska, two conventional ATB, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program, and one tanker in cold layup. In addition, OSG also owns and operates one Marshall Islands flagged MR tanker which trades internationally.

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 headquartered in Tampa, FL. More information is available at www.osg.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts should be considered forward-looking statements. Words such as “may”, “will”, “intends”, “plans” and similar expressions are intended to identify forward-looking statements but should not be considered as the only means by which these statements may be made. Such forward-looking statements represent the Company’s reasonable expectations with respect to future events or circumstances based on various factors and are subject to various risks, uncertainties, and assumptions relating to the Company’s operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Undue reliance should not be placed on any forward-looking statements and, when reviewing any forward-looking statements, consideration should be given to factors including, but not limited to, those factors discussed in the Company’s Annual Report on Form 10-K, filed with the SEC on March 9, 2022, and those factors discussed in the Company’s Quarterly Report on Form 10-Q, filed with the SEC on May 9, 2022. Investors should carefully consider these risk factors and the additional risk factors outlined in other reports hereafter filed by the Company with the SEC under the caption “Risk Factors.” The Company assumes no obligation to update or revise any forward-looking statements except as may be required by law. Forward-looking statements in this press release and written and oral forward-looking statements attributable to the Company or its representatives after the date of this press release are qualified in their entirety by the cautionary statement contained in this paragraph and in other reports hereafter filed by the Company with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220613005853/en/

Investor Relations & Media Contact:

Susan Allan, Overseas Shipholding Group, Inc.

(813) 209-0620

sallan@osg.com

Source: Overseas Shipholding Group, Inc.

FAQ

What is the share repurchase program for OSG?

OSG's share repurchase program allows for the buyback of up to 5 million shares to enhance shareholder value.

How will OSG fund its share buyback?

The buyback will be funded with excess cash.

When will OSG execute its share buyback program?

There is no specific timeline; the program may be adjusted based on market conditions.

What is OSG's stock symbol?

OSG is traded under the stock symbol 'OSG' on the NYSE.