Overseas Shipholding announces increase in share repurchase program

Overseas Shipholding Group announced that its Board of Directors authorized an increase to its stock repurchase program of an additional $10M of the company’s common stock, raising the total value of the stock repurchase program to $20M. Sam Norton, OSG‘s President and CEO, stated, “In representing OSG’s stockholders, OSG’s Board of Directors continuously evaluates opportunities for the use of our available cash. The Board has taken into account a variety of factors in reaching its determination to increase the stock repurchase program which is underway.” The company intends to fund the share repurchase program with excess cash.