DECEMBER 2, 2016 —Tanker company Overseas Shipholding Group, Inc. (NYSE: OSG) says that it has completed the previously announced separation of OSG into two independent, publicly traded companies: Overseas Shipholding Group and International Seaways (NYSE: INSW).
"Today marks the start of an exciting new chapter for OSG. We are now a more sharply focused company with a leading and diversified position in the Jones Act market," said Sam Norton, OSG's SVP & President and CEO of the U.S. Flag Strategic Business Unit. "We are confident that this focus will allow us to leverage our trusted operating franchise and strong balance sheet to address growth opportunities and drive shareholder value. We will continue to focus on the quality of our operations so as to ensure the delivery of safe, clean, reliable, incident-free transportation services to our customers."
"This is a historic day for International Seaways, its employees and its shareholders," said Lois K. Zabrocky, INSW's President and CEO. "The completion of the separation simplifies our operating structure, enhances our strategic focus and creates a more distinct investment profile, which will allow us to attract a broader base of shareholders. We are launching at a favorable time in the market cycle with a strong financial position that we believe will provide us with multiple opportunities to create value for our shareholders."
In connection with the listing of its shares of common stock on the NYSE, Ms. Zabrocky along with members of the company will ring The NYSE Closing Bell on Friday, December 2, 2016