OSG makes management changes

DECEMBER 21, 2014 — Tanker operator Overseas Shipholding Group, Inc. (NYSE MKT:OSGB) announced several key management changes Friday as it continues to execute its strategy following emergence from bankruptcy in August 2014.

Douglas Wheat has been appointed Chairman of the Board. He has served as a Director of the company since August 2014, and currently also serves as Chairman of AMN Healthcare Services Inc. and as Vice Chairman of Dex Media, Inc. He previously served as Chairman of SuperMedia, Inc. and Playtex Products Inc.

Since 2008, he has served as Managing Partner of Southlake Equity Group, a private investment firm.

Mr. Wheat assumes the position of Chairman from John Ray. Mr. Ray, Managing Director of Greylock Partners, LLC, a restructuring advisory firm, was formerly OSG's Chief Restructuring Officer during its Chapter 11 proceeding. He had agreed to serve as Chairman after confirmation of the plan of reorganization to assist with the transition and development of the company during the period immediately after the emergence.

Mr. Wheat commented, "John Ray and his team at Greylock Partners have done a tremendous service to the company and the Board by completing the important transition during our emergence from Chapter 11 and readying the company for the next stage of its development. The entire board thanks him for his service and looks forward to working with him to complete the transition."

Mr. Ray has decided not to stand for re-election at the 2015 annual meeting.

Additionally, OSG announced it has appointed Rick Oricchio as Senior Vice President and Chief Financial Officer effective as of January 12, 2015. Mr. Oricchio joins the Company after a 30-year career with Deloitte, LLP. As a partner at Deloitte, Mr. Oricchio provided tax services to the company during the Chapter 11 proceedings and has extensive knowledge about the company and its management. Mr. Oricchio will assume the Chief Financial Officer role from Captain Ian Blackley.

Captain Blackley, a 43-year veteran of the shipping industry, has been with the company since 1991 and has served as Chief Financial Officer since shortly after the Chapter 11 filing in 2012. Captain Blackley has been appointed to the newly created role of Executive Vice President and Chief Operating Officer. In this capacity, Captain Blackley will play a key role in OSG's operations and in the development and execution of its strategy.

Lois K. Zabrocky and Henry Flinter will continue in their current roles as co-Presidents of the Company.

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