For
Immediate Release
OSG
AND DHT ANNOUNCE SALE OF DHT SHARES
5
Million Shares of Common Stock of Double Hull Tankers,
Inc.
Sold
Under Existing Shelf Registration Statement
NEW
YORK, NY – June 6, 2007 – Overseas Shipholding Group, Inc. (NYSE:OSG)
and Double Hull Tankers, Inc. (NYSE: DHT) jointly announced today the sale
of 5
million shares of common stock of Double Hull Tankers pursuant to an
underwriting agreement with Merrill Lynch & Co. and UBS Investment
Bank. OSG has granted the underwriters a 30-day over-allotment option
to purchase up to an additional 750,000 shares of DHT common stock at the
agreed
price. The shares of common stock will be offered by the underwriters
from time to time to purchasers directly or through agents, or through brokers
in brokerage transactions on the New York Stock Exchange, or to dealers in
negotiated transactions or in a combination of such methods of sale, at a
fixed
price or prices, which may be changed, or at market prices prevailing at
the
time of sale, at prices related to such prevailing market prices or at
negotiated prices. OSG expects to recognize a gain from the
transaction of approximately $15 million in the second quarter of
2007.
After
completion of the sale, assuming the over-allotment option is not exercised,
OSG’s beneficial ownership of DHT’s common stock will be reduced from
approximately 29.17%, or 8,751,500 shares, to approximately 12.5%, or 3,751,500
shares. This sale was made pursuant to
DHT’s existing shelf registration
statement. DHT will not receive any proceeds from this sale of its
common stock.
The
issuer has filed a registration statement (including a prospectus) with the
Securities and Exchange Commission (SEC) for the offering to which this
communication relates. Before you invest, you should read the
prospectus in that registration statement and other documents the issuer
has
filed with the SEC for more complete information about the issuer and this
offering. You may get these documents for free by visiting EDGAR on
the SEC Web site at www.sec.gov. Alternatively, the issuer, any
underwriter or any dealer participating in the offering will arrange to send
you
the prospectus if you request it by calling 212-449-1000.
About
OSG
Overseas
Shipholding Group, Inc. (NYSE: OSG) is one of the largest publicly traded
tanker
companies in the world. As a market leader in global energy
transportation services for crude oil and petroleum 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, with offices in Athens, Houston, London, Manila, Montreal, Newcastle,
New York City, Philadelphia, Singapore and Tampa. More information is
available at www.osg.com.
About
DHT
Double
Hull Tankers, Inc. (NYSE: DHT) commenced operations as an independent tanker
company on 18 October 2005. DHT acquired its current fleet of seven
double hull crude oil tankers from OSG and currently charters these vessels
to
subsidiaries of OSG. More information is available at
www.dhtankers.com.
Forward-Looking
Statements
This
release may contain forward-looking statements regarding each company’s
prospects, including the outlook for tanker markets, changing oil trading
patterns, prospects for certain strategic alliances and investments, anticipated
levels of newbuilding and scrapping, projected drydock schedule, the projected
growth of the world tanker fleet and the forecast of world economic activity
and
world oil demand. Factors, risks and uncertainties that could cause
actual results to differ from the expectations reflected in these
forward-looking statements are described in each company’s annual
report.
| Contact: |
Overseas
Shipholding Group, Inc.
Jennifer L. Schlueter
Head
of Corporate Communications and Investor Relations
+1
212-578-1634
|
| |
|
| Contact: |
Double
Hull Tankers, Inc.
Eirik
Ubøe
Chief
Financial Officer
+44
1534 639759
|