June 20, 2008
Arlington Tankers weighs alternatives
Arlington Tankers Ltd. (NYSE: ATB) today announced that it is engaged in a process to review and evaluate strategic alternatives to enhance shareholder value. It says these may include the purchase of another company; the sale of the company; a merger of the company; other strategic transactions; or continued execution of the company's current operating plan.
Arlington has retained Jefferies & Company, Inc. as its financial advisor in connection with this process.
Arlington says it currently has no commitments or agreements with respect to any particular transaction and noted that there can be no assurance that its review of strategic alternatives will result in any transaction. It sats it "undertakes no obligation to make any further announcements regarding its strategic alternatives analysis."
Arlington's fleet consists exclusively of eight modern double-hulled vessels and is one of the youngest tanker fleets in the world, with an average vessel age of approximately 4.5 years.
The fleet consists of two V-MAX tankers, two Panamax tankers and four Product tankers. All the company's vessels are employed on long-term time charters.
The company was incorporated in Bermuda in September 2004 and completed its initial public offering on the New York Stock Exchange on November 10, 2004.
Arlington Tankers was originally a jointly owned subsidiary of Stena AB and Concordia Maritime AB. It has eight wholly owned subsidiaries, each of which owns one of the tankers in the Arlington fleet. The two V-MAX tankers were purchased from subsidiaries of Concordia, the four Product tankers from subsidiaries of Stena and the two Panamax tankers from two companies owned 75% by Stena and 25% by Fram Shipping Ltd. (Fram).