Overseas Shipholding Group Announces Purchase of All Common Units of OSG America L.P.
December 17 2009 - 5:01PM
Business Wire
Overseas Shipholding Group, Inc. (NYSE: OSG), a market leader in
providing energy transportation services, today announced that at
5:00 p.m., NYC time, on December 17, 2009, its wholly-owned
subsidiary OSG Bulk Ships, Inc. purchased the remaining 1,077,639
common units (the “Units”) of OSG America L.P. (“OSG America” or
the “Partnership”; NYSE: OSP) outstanding and not already owned by
OSG’s subsidiaries through exercise of its repurchase right
pursuant to Section 15.01 of the amended and restated limited
partnership agreement of the Partnership.
OSG’s subsidiaries now own all of the economic interests of the
Partnership and will be entitled to all of the benefits resulting
from those interests. In addition, the Units will be delisted from
the New York Stock Exchange and are no longer publicly traded.
ABOUT OSG
Overseas Shipholding Group, Inc. (NYSE: OSG), a Dow Jones
Transportation Index company, is one of the largest publicly traded
tanker companies in the world. As a market leader in global energy
transportation services for crude oil, petroleum and gas products
in the U.S. and International Flag markets, OSG is committed to
setting high standards of excellence for its quality, safety and
environmental programs. OSG is recognized as one of the world’s
most customer-focused marine transportation companies and is
headquartered in New York City, NY. More information is available
at www.osg.com.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements regarding OSG's
prospects and the impact this may have on OSG and prospects of
OSG’s strategy of being a market leader in the segments in which it
competes. Factors, risks and uncertainties that could cause actual
results to differ from the expectations reflected in these
forward-looking statements are described in OSG’s Annual Report for
2008 on Form 10-K.
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