Lois Zabrocky to head OSG spin off International Seaways

 Lois K. Zabrocky Lois K. Zabrocky

NOVEMBER 9, 2016 — The spin off of Overseas Shipholding Group, Inc.'s International flag business is expected to be effective as of 5:00 p.m. on Nov. 30, 2016. It will separate the international and domestic businesses of OSG into two independent, publicly traded companies: Overseas Shipholding Group and International Seaways ("INSW"), (formerly known as OSG International, Inc.).

Today, OSG announced key executive appointments for International Seaways.

Following the spin-off, Lois K. Zabrocky will become president and chief executive officer of International Seaways, while Jeffrey D. Pribor will join International Seaways as chief financial officer. Mr. Pribor will report to Ms. Zabrocky.

Ms. Zabrocky joined OSG in 1992. She served as Senior Vice President of OSG from June 2008 through August 2014 until her appointment as Co-President and Head of the International Flag Strategic Business Unit. Ms. Zabrocky served as Chief Commercial Officer, International Flag Strategic Business Unit from May 2011 until her appointment as Head of International Flag Strategic Business Unit and as the Head of International Product Carrier and Gas Strategic Business Unit for five years prior to May 2011. She has significant shipping pool experience having helped build and manage the Aframax International pool.

Ms. Zabrocky began her maritime career sailing as third mate aboard a U.S. flag chemical tanker. She olds a Bachelor of Science degree from the United States Merchant Marine Academy, Kings Point, NY, and holds a Third Mate's license.

"Lois is a talented executive who has been with OSG almost 25 years," said Captain Ian T. Blackley, OSG's president and CEO. "I have worked closely with Lois for many years, and I am confident in her ability to lead International Seaways forward. As President of OSG's International Flag Strategic Business Unit, Lois has had P&L responsibility and played a major part in its strategic decision making. We are confident that she is the ideal executive to lead International Seaways as it embarks on an exciting new chapter."

"It is an honor and privilege to lead International Seaways as it begins its journey as an independent public company," said Zabrocky. "I am delighted to be part of such an incredible team with a long history of providing safe, efficient and reliable transportation to our customers. With this as our platform, we are well positioned for continued success and I am committed to working with our board and employees to maximize revenue, drive down costs and capture growth opportunities as we provide the highest quality service to our customers and deliver value for our shareholders."

Zabrocky continued, "We are pleased to welcome Jeff as the chief financial officer of International Seaways. Jeff's extensive operational and financial management experience as CFO for a leading shipping company coupled with his wealth of maritime banking experience will complement and enhance our management strengths and capabilities. We are fortunate to have such a seasoned executive in this important role as we continue to drive International Seaways' global business."

As chief financial officer of International Seaways, Inc., Mr. Pribor will be responsible for directing and supervising all of the financial functions of International Seaways. This includes accounting, financial planning and analysis, tax, treasury and investor relations.

"This is an exciting time to be joining International Seaways, a financially strong company with both a rich history and a compelling future," Pribor said. "I look forward to working with Lois and the entire International Seaways team to advance the company's strategy and drive shareholder value."

Completing the senior leadership team of International Seaways is James D. Small III who will become chief administrative officer, secretary and general counsel following the spin-off, and reporting to Ms. Zabrocky. Mr. Small joined OSG in March 2015 after almost 20 years with Cleary Gottlieb advising on transactional and governance matters.

International Seaways will own and operate one of the largest fleets of international crude and product tankers worldwide. At September 30, 2016, International Seaways owned or operated a fleet of 55 vessels with a combined capacity of approximately 6.5 million deadweight tons and 864,800 cubic meters. International Seaways' operating fleet comprises one ULCC, eight VLCCs, eight Aframaxes/LR2s, 12 Panamaxes/LR1s and 20 MR tankers. Through joint venture partnerships, International Seaways has ownership interests in four liquefied natural gas carriers and two floating storage and offloading service vessels.

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