Overseas Shipholding to purchase 3.79M shares from Cyrus for $4.05 per share

Overseas Shipholding announced that it has agreed to purchase 3,788,639 shares of the company’s common stock from entities managed by Cyrus Capital Partners at a price of $4.05 per share for a total consideration of $15,343,987.95 in a privately negotiated transaction. The purchase is expected to be completed today and will be paid out of OSG‘s available cash. The closing price of OSG common stock in composite trading on August 25, 2023 was $4.01. The purchase is not part of the previously announced program to purchase up to $20M of OSG common stock.