Overseas Shipholding Group, Inc., a market leader in providing energy transportation services, yesterday announced that it has signed a nonbinding settlement proposal with American Shipping Company ASA (AMSC) that seeks to settle all outstanding commercial

disagreements between the two companies. The proposal is intended to
resolve certain liquidity issues previously disclosed by Aker
Philadelphia Shipyard ASA (AKPS), for AKPS to continue its 12-ship
newbuild program. All 12 vessels have been chartered out to OSG, seven
of which have delivered and are trading in the Jones Act market.

The proposal also provides for the dismissal with prejudice of all the
claims in the arbitration among the parties and contains a number of
provisions materially altering the prior agreements among the parties.
The proposal is nonbinding and there can be no assurance that
definitive agreements will be entered into. In addition, the proposal
is subject to certain conditions precedent, including the receipt of
third party approvals from various lenders and governmental
authorities, the execution and delivery of satisfactory definitive
documentation and the completion of satisfactory due diligence.

Source: OSG

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    seeks to resolve liquidity issues so Aker Philadelphia can continue 12-ship newbuild program Read at OSG and American Shipping in settlement proposal

• OSG and American Express in settlement proposal

    seeks to resolve liquidity issues so Aker Philadelphia can continue 12-ship newbuild program Read at OSG and American Shipping in settlement proposal

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