OSG Placing Three Medium Range Tankers in US Tanker Security Program by Shipping Telegraph

New York-listed Overseas Shipholding Group, a major provider of liquid bulk transportation services in the energy industry for crude oil and petroleum products primarily in the U.S. Flag markets, has confirmed the receipt of an unsolicited, non-binding indication of interest from Saltchuk Resources, Inc.

Saltchuk expressed interest in buying all outstanding shares of OSG that Saltchuk does not already own, for $6.25 per share in cash.

The company said it would evaluate the offer, in consultation with its financial and legal advisors.

OSG cautions its stockholders and others considering trading in its securities that it has just received Saltchuk’s unsolicited indication of interest, and no decisions have been made by its board with respect to the company’s response to the indication of interest.

The firm also stated that there is no certainty that a definitive proposal will be made or accepted, that any agreement will be executed, or that any transaction will be consummated.

“The company does not intend to comment further on the unsolicited indication of interest or any related matters until its board of directors has determined that disclosure is necessary or appropriate,” reads the OSG statement.

Overseas Shipholding Group fleet currently consists of suezmax crude oil tankers doing business in Alaska, conventional and lightering ATBs, shuttle and conventional MR tankers, and non-Jones Act MR tankers that participate in the U.S. Tanker Security Program.