Overseas Shipholding Group, Inc. (NYSE:OSG) (the "Company" or "OSG") today announced that it has agreed to purchase five million shares of the Company's common stock from Cyrus Capital at a price of $2.86 per share for a total of $14,300,000. The purchase price for the shares was determined based on the trailing 3 day volume weighted average price at the market closing on November 10, 2022. The closing price of OSG common stock on November 14, 2022 was $2.85. The purchase is expected to be completed today, and will be paid out of OSG's excess cash.

Sam Norton, OSG's President and CEO, stated, "Renewed confidence in the health of OSG's businesses and the opportunity to repurchase, in a single transaction, five million shares of OSG stock coalesced nicely to result in the transaction announced today. The price paid in this share purchase equates to an enterprise value of roughly 4.5 times expected 2022 adjusted EBITDA, an implied valuation which we consider to be very attractive."

Mr. Norton added, "Our expectations for OSG's future financial performance highlight the benefits of having both our niche and conventional trading businesses healthy and profitable at the same time. Cash flows derived from the shift to profitable charters among our conventional tankers and the steady and strong earnings provided by our niche market activities are contributing – and should continue for the foreseeable future to contribute – to meaningful free cashflow. Repurchase of shares at attractive prices is but one of several options for utilizing excess cash that our Board of Directors continuously reviews and we look forward to reporting on future cash deployment opportunities in the quarters ahead."