Overseas Shipholding Group, Inc. (NYSE:OSG) (the “Company” or “OSG”) today announced that its Board of Directors authorized an increase to its stock repurchase program of an additional $10 million of the Company’s common stock, raising the total value of the stock repurchase program to $20 million.
Sam Norton, OSG’s President and CEO, stated, “In representing OSG’s stockholders, OSG’s Board of Directors continuously evaluates opportunities for the use of our available cash. The Board has taken into account a variety of factors in reaching its determination to increase the stock repurchase program which is underway.”
Under the program, the Company may repurchase shares from time to time in open market transactions (including the use of trading plans under SEC Rule 10b5-1) or in privately negotiated transactions. The timing and amounts of any purchases will be based on market conditions and other factors, such as price, in accordance with applicable laws. The program has no time limit, may be suspended, modified or discontinued at any time, and does not obligate OSG to purchase any particular amount of its common stock. The Company intends to fund the share repurchase program with excess cash.
