Board approves plan to split OSG into two companies

OCTOBER 21, 2016 — Overseas Shipholding Group, Inc. (NYSE:OSG) says that its Board of Directors has approved the previously announced plan to separate its international and domestic businesses into two independent, publicly traded companies: Overseas Shipholding Group and International Seaways.

On separation, International Seaways will own and operate one of the largest fleets of international crude and product tankers worldwide.

OSG will consist of the currently existing U.S.flag business, which operates a fleet of tankers and ATBs in the blue water Jones Act market.

"Today's announcement marks another milestone towards the completion of our business separation," said Captain Ian T. Blackley, OSG's president and CEO. "As two independent, industry-leading companies, OSG and International Seaways can drive more focused business strategies and benefit from enhanced operating and financial flexibility. The separation will also present a unique opportunity for investors by creating two distinct and attractive investment profiles, which will allow each company to attract a broader base of shareholders."

International Seaways has reserved the stock symbol INSW on the New York Stock Exchange ("NYSE"), while OSG will maintain the symbol OSG on the NYSE.

OSG says that the spin-off and timing remain subject to the satisfaction of various conditions and that it may, at any time, decide to abandon the spin-off.

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