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MONACO (Marketwire - July 23, 2012) Scorpio Tankers Inc. (NYSE: STNG) (the "Company" or "Scorpio Tankers") announced today that it has signed an agreement with its lenders to extend the availability period of its 2011 Credit Facility until January 31, 2014 and has taken delivery of STI Amber, the first vessel under its previously announced Newbuilding program. In addition, the Company plans to announce its second quarter of 2012 earnings before the opening of trading on the NYSE on Tuesday, July 31, 2012 and to have a conference call that same day at 11:00 AM Eastern Daylight Saving Time. Extension of Availability Period under the 2011 Credit Facility The Company signed an agreement with its lenders, Nordea Bank Finland plc, DNB Bank ASA, and ABN AMRO Bank N.V., to extend the availability period of its 2011 Credit Facility until January 31, 2014. The availability period was previously scheduled to expire in May 2013. There is currently $115 million available for borrowing under this facility, which can be used to finance up to 50% of future vessel acquisitions. Emanuele Lauro, chief executive officer and chairman of the board, commented, "This extension gives us the additional flexibility to pursue opportunities to further expand and renew our fleet. We appreciate the continued support of our strategy by our lenders." Delivery of the STI Amber On July 18, 2012, the Company took delivery of the STI Amber, the first vessel of eight vessels scheduled for delivery under its Newbuilding program between July 2012 and April 2013. The delivery of the vessel was partially financed by drawing down $23.0 million on its Newbuilding Credit Facility with Credit Agricole Corporate and Investment Bank and Skandinaviska Enskilda Banken AB. Second Quarter Earnings The Company plans to announce second quarter of 2012 earnings before the opening of the NYSE on July 31, 2012. A conference call will be held that day at 11:00 AM Eastern Daylight Saving Time. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(800)-500-0920 (U.S.) or 1(719) 325-2204 (International). The conference participant passcode is 5535409. The information provided on the teleconference is only accurate at the time of the conference call, and the Company does not undertake to and will not be responsible for providing updated information. About Scorpio Tankers Inc. Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns one LR2 tanker, four LR1 tankers, one Handymax tanker, three MR tankers, and one post-Panamax tanker with an average age of 5.6 years and time charters-in ten vessels (five MR tankers and five Handymax tankers) and has contracted for seven newbuilding MR's, which are expected to be delivered to the Company between August 2012 and April 2013. Additional information about the Company is available at the Company's website www.scorpiotankers.com. Information on the Company's website is not a part of this press release. Scorpio Tankers Inc. press release |
