of Stamford, Connecticut announced that it has priced a $200 million senior unsecured notes offering (the "Notes"). The size of the offering was increased to $200 million from the previously announced $150 million. The Notes will bear interest at 7.625% and will be due in 2013. OMI will have the option to call the Notes beginning in 2008. Subject to customary closing and other conditions, the offering is expected to close on November 26, 2003. OMI intends to use proceeds from the offering to repay outstanding balances under the Company's revolving credit facilities and for general corporate purposes. The Notes were offered in an unregistered offering pursuant to Rule 144A and Regulation S under the Securities Act of 1933. OMI will offer to exchange the unregistered Notes for substantially identical registered senior unsecured notes following completion of the offering. The Notes will not be registered under the Securities Act of 1933 or the securities laws of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and any applicable state securities laws. This news release is neither an offer to sell nor a solicitation of any offer to buy the Notes.