Overseas Shipholding Group Announces Settlement
Reached in Proskauer Rose Lawsuit

New York, NY – Feb. 12, 2016


Overseas Shipholding Group, Inc. (NYSE MKT:OSG, OSGB) (the “Company” or “OSG”) announced today that it has reached a final settlement with Proskauer Rose LLP and certain of its partners in connection with the previously disclosed lawsuit brought against that firm by the Company. As part of the settlement, Proskauer Rose LLP has agreed to release the claims it asserted against current and former officers of the Company, including James Edelson and Myles Itkin.

“We are pleased to have reached an agreement to settle this case that we believe is in the best interests of the Company and other stakeholders,” said Captain Ian T. Blackley, OSG’s president and CEO. “By reaching a final settlement we also eliminate the distractions that come with any litigation allowing us to focus our full attention on adding value to the business.”

The Company has been advised that, in connection with the settlement, Proskauer plans to issue a press release. OSG has not approved the contents of Proskauer’s press release, nor have any of its current or former executives.

The Company will be issuing a subsequent press release to provide additional details to Class B securities holders with regards to settlement distribution information and conversion of Class B common stock to Class A common stock and Class B warrants to Class A warrants.

About OSG
Overseas Shipholding Group, Inc. (NYSE MKT:OSG, OSGB) is a publicly traded tanker company providing energy transportation services for crude oil and petroleum products in the U.S. and International Flag markets. OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in New York City, NY. More information is available at www.osg.com.

OSG - Overseas Shipholding Group, Inc.