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  • 2015 May 30 10:39

    Scorpio Tankers announces Securities Repurchase Program and newbuilding vessel delivery

    Scorpio Tankers Inc. announced today a new $250 million Securities Buyback Program, that it has recently taken delivery of an MR product tanker and that it will not exercise the options to purchase two LR2s currently under construction (with deliveries expected in the fourth quarter of 2016 and first quarter of 2017) from Scorpio Bulkers Inc., a related party.

    On May 27, 2015, the Company's Board of Directors authorized a new securities buyback program to purchase up to an aggregate of $250 million of the Company's common stock and bonds, which currently consist of its (i) Convertible Senior Notes Due 2019, which were issued in June 2014, (ii) Unsecured Senior Notes Due 2020 (NYSE: SBNA), which were issued in May 2014, and (iii) Unsecured Senior Notes Due 2017 (NYSE: SBNB), which were issued in October 2014. This program replaces the Company's stock buyback program that was previously announced in July 2014 and was terminated in conjunction with this new repurchase program.

    The Company may repurchase its common stock and bonds in the open market and in privately negotiated transactions, at times and prices that are considered to be appropriate by the Company (in its sole discretion), but is not obligated under the terms of the program to repurchase any of its common stock or bonds.

    As of May 29, 2015, the Company had outstanding:
     181,005,026 shares of common stock
     $360.0 million aggregate principal amount Convertible Senior Notes Due 2019
     $53.75 million aggregate principal amount Unsecured Senior Notes Due 2020
     $51.75 million aggregate principal amount Unsecured Senior Notes Due 2017

    The Company recently took delivery of an MR product tanker, STI Notting Hill, from Hyundai Mipo Dockyard of South Korea in May 2015. Upon delivery, this vessel began a time charter for up to 120 days at approximately $18,000 per day.

    About Scorpio Tankers Inc.
    Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 71 tankers (14 LR2 tankers, 15 Handymax tankers, and 42 MR tankers) with an average age of 0.9 years, time charters-in 19 product tankers (four LR2, five LR1, four MR and six Handymax tankers), and has contracted for 11 newbuilding product tankers (three MR and eight LR2), four of which are expected to be delivered in the second quarter of 2015, three in the third quarter of 2015 and the remaining four vessels throughout 2016. The Company also owns approximately 16% of Dorian LPG Ltd.




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