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Overseas Shipholding To Buy US Flagged Crude Oil Carrier Vessels Operated By ATC

Overseas Shipholding Group Inc. (OSG) said that its subsidiaries have entered into agreements with BP Oil Shipping Company USA and BP AMI Leasing Inc. to buy
U.S.-flagged crude oil carrier vessels operated by Alaska Tanker Company LLC
or ATC. Overseas Shipholding Group currently owns a 37.5% interest in ATC.

As part of the deal, OSG will acquire the remaining 62.5% interest of ATC that it does not own.

The agreements provide for deposits equal to 20% of the purchase price to be
paid upon their execution, with the balance of the consideration to be paid at
closing.

Upon completion of the transaction, each OSG subsidiary will enter into a bareboat charter of its vessel with ATC, and ATC will in turn enter into back-to-back time charters for each of the vessels with BP Exploration (Alaska) Inc. as charterers.

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