Tsakos Energy Announces Pricing Offering

Friday, October 29, 2010

Tsakos Energy Navigation Ltd. announced the pricing of its offering of 7,623,328 common shares, including 896,861 common shares to be purchased by entities affiliated with the Tsakos family, at an initial reoffer price of $11.30 per share. TEN has granted the underwriter a 30-day option to purchase an additional 1,008,968 common shares to cover overallotments, if any. TEN will use the net proceeds from the public offering for the expansion of its fleet and for general corporate purposes.

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