Overseas Shipholding climbs on 5 mln share repurchase

Octave Specialty

15/11/2022 17:52

** Shares of Overseas Shipholding Group Inc  OSG.N  climb
5.6% to $3.01
    ** OSG to repurchase 5 mln shares of the company from Cyrus
Capital for a total of $14.3 mln
    ** "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"- CEO Sam Norton
    ** Re-purchased shares at a price of $2.86/shr vs. Monday's
closing price of $2.85/shr
    ** Co says purchase is expected to be completed on Tuesday,
and will be paid out of OSG's excess cash
    ** OSG up 60% so far this year
 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))