EXHIBIT 99.1
OSG
OVERSEAS SHIPHOLDING GROUP, INC. | PRESS RELEASE |
For Immediate Release
Overseas Shipholding Group Announces Successful Consummation of Tender Offer
and Will Exercise Repurchase Right for Common Units of OSG America L.P.
New York – December 17, 2009 – Overseas Shipholding Group, Inc. (NYSE: OSG), a market leader in providing energy transportation services, today announced that as of 5:00 p.m., NYC time, on December 16, 2009, approximately 267,419 common units (the “Units”) of OSG America L.P. (“OSG America” or the “Partnership”; NYSE: OSP), were validly tendered and accepted for purchase in the subsequent offering period by its wholly owned subsidiary, OSG Bulk Ships, Inc. (“OSG Bulk”). OSG Bulk has made payment to BNY Mellon Shareowner Services, which is acting as the Depositary in connection with the tender offer and subsequent offering period, for the accepted Units.
At 5:00 p.m. on December 17, 2009, OSG Bulk will purchase the remaining 1,077,639 Units outstanding and not owned already owned by OSG’s subsidiaries through exercise of its repurchase right pursuant to Section 15.01 of the amended and restated limited partnership agreement of the Partnership.
OSG’s subsidiaries will then own all of the economic interests of the Partnership and will be entitled to all of the benefits resulting from those interests. In addition, the Units will be delisted from the New York Stock Exchange and will no longer be publicly traded.
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About OSG
Overseas Shipholding Group, Inc. (NYSE: OSG), a Dow Jones Transportation Index company, is one of the largest publicly traded tanker companies in the world. As a market leader in global energy transportation services for crude oil, petroleum and gas 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 headquartered in New York City, NY. More information is available at www.osg.com.
Forward-Looking Statements
This release contains forward-looking statements regarding OSG's prospects and the impact this may have on OSG and prospects of OSG’s strategy of being a market leader in the segments in which it competes. Factors, risks and uncertainties that could cause actual results to differ from the expectations reflected in these forward-looking statements are described in OSG’s Annual Report for 2008 on Form 10-K.
Contact Information
For more information contact: Jennifer L. Schlueter, Vice President Corporate Communications and Investor Relations, OSG Ship Management, Inc. at +1 212.578.1699.
