Overseas Shipholding Group, Inc. (OSG) announced it has entered into a settlement agreement with American Shipping Company ASA, Aker Philadelphia Shipyard ASA, and Aker Philadelphia Shipyard, Inc., that settles all outstanding commercial disputes between OSG and Aker and provides for the dismissal with prejudice of all the claims in the arbitration among the parties.
The settlement also provides for certain modifications to other existing agreements among AMSC and OSG, including eliminating restrictions on OSG's ability to purchase Jones Act product tankers, changes to the profit sharing agreement as well as providing vessel purchase rights under specific conditions. The settlement agreement has received all necessary third party approvals as well as approval from the U.S. Coast Guard, the company said.
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