|
In addition, the Company has announced that it is currently in advanced negotiations with an established shipyard in South Korea for the construction of five 52,000 deadweight ton 'MR' product tankers. The contract price for each vessel is expected to be between $36.5 and $37.5 million, depending on various enhancements to the vessel's specification. The Company believes that these prices are approximately 30% below what it would have paid for similar vessels built at the same shipyard when tanker vessel prices were at historical highs in 2008. If negotiations are consummated, the Company expects to take delivery of the five vessels during the second half of 2012. In addition, the Company expects to be granted an option from the same shipyard to order a further three vessels of the same specification and price for delivery between the second and third quarter of 2013. There is no assurance that the Company will be successful in completing any of these acquisitions. Morgan Stanley & Co. Incorporated is acting as the sole bookrunning manager, and Dahlman Rose & Company, LLC, Evercore Partners and Fearnley Fonds ASA are acting as co-managers in the offering. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 825,000 common shares to cover over-allotments. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering is being made by means of a prospectus. A preliminary prospectus related to the offering will be filed with the Securities and Exchange Commission. When available, copies of the preliminary prospectus relating to the offering may be obtained from the offices of Morgan Stanley at 180 Varick Street, New York, NY 10014, Attention: Prospectus Department or by calling 1 866 718-1649 or by e-mail at Prospectus@morganstanley.com. The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and the other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Morgan Stanley & Co. Incorporated at (866) 718-1649. You may also access the issuer's most recent preliminary prospectus when available on EDGAR. Scorpio Tankers Inc. press release |
