Overseas Shipholding Group merges with Maritrans

25 September 2006 19:21  [Source: ICIS news]

HOUSTON (ICIS news)--Overseas Shipholding Group (OSG) said on Monday it will acquire crude oil shipper Maritrans for $455m (€357m), or $37.50/share plus assumed net debt.

The boards of both companies unanimously approved the merger, which was expected to close by the end of the year and is subject to regulatory and shareholder approval.

Maritrans is a US transporter of crude oil and petroleum products and owns one of the largest fleets of double-hulled vessels serving the US East Coast and Gulf Coast trade routes.

The Maritrans fleet includes 11 articulated tug barges (ATB) and five product carriers, with three large ATBs under construction. OSG’s US operation includes seven tankers with 10 product carriers under construction.

Upon completion of the merger, the combined US fleet will be operated from Maritrans headquarters in Tampa, Florida with Maritrans’ chief executive Jonathan Whitworth in charge. Whitworth will be a senior vice president of OSG.

OSG has 115 vessels and offices around the world.

By: Brian McIntyre
+1 713 525 2653

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