Marine Link
Tuesday, December 6, 2016

OSG Sells 5 Million Shares of DHT

June 7, 2007

Overseas Shipholding Group, Inc. and Double Hull Tankers, Inc. jointly announced today the sale of five 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.


 
Maritime Reporter Magazine Cover Nov 2016 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News