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2013 February 26   15:00

Scorpio Tankers Inc. announces financial results for the Q4 of 2012

Scorpio Tankers Inc.today reported its results for the three months and year ended December 31, 2012. For the three months ended December 31, 2012, the company had an adjusted net loss of $3.6 million (see Non-GAAP Measure section below), or $0.08 basic and diluted loss per share, excluding a $1.3 million, or $0.03 per share, unrealized loss on derivative financial instruments.

For the three months ended December 31, 2011, the company had an adjusted net loss of $5.1 million (see Non-GAAP Measure section below), or $0.16 basic and diluted loss per share, excluding a $66.6 million, or $2.05 per share impairment charge.

For the three months ended December 31, 2012, the company recorded a net loss of $4.9 million, or $0.11 basic and diluted loss per share. This is compared to a net loss of $71.7 million or $2.21 basic and diluted loss per share for the three months ended December 31, 2011.

For the year ended December 31, 2012, the company had an adjusted net loss of $11.9 million (see Non-GAAP Measure section below), or $0.29 basic and diluted loss per share, excluding (i) a $10.4 million, or $0.25 per share, loss from sales of five vessels, (ii) a $3.0 million, or $0.07 per share, write-off of deferred financing fees attributable to the extension of the 2011 Credit Facility, and (iii) a $1.2 million, or $0.03 per share, unrealized loss on derivative financial instruments.

For the year ended December 31, 2011, the company had an adjusted net loss of $16.1 million (see Non-GAAP Measure section below), or $0.56 basic and diluted loss per share, excluding a $66.6 million, or $2.32 per share impairment charge.

For the year ended December 31, 2012, the company recorded a net loss of $26.5 million or $0.64 basic and diluted loss per share. This is compared to a net loss of $82.7 million or $2.88 basic and diluted loss per share for the year ended December 31, 2011.

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