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Monaco - July 22, 2014 Scorpio Tankers Inc. (NYSE: STNG) (the "Company") announced today an update on its Stock Buyback Program, Newbuilding vessel deliveries, and second quarter 2014 earnings release date. Newbuilding Vessel Deliveries The Company has recently taken delivery of four product tankers under its Newbuilding Program: • STI Powai, an MR product tanker, was delivered in July 2014 from Hyundai Mipo Dockyard of South Korea ("HMD"). Upon delivery the vessel began a time charter for up to 120 days at approximately $18,000 per day. • STI Aqua, an MR product tanker, was delivered in July 2014 from SPP Shipyard of South Korea ("SPP"). Upon delivery the vessel began a time charter for up to 120 days at approximately $18,000 per day. • STI Pimlico, a Handymax Ice Class 1A product tanker, was delivered from HMD in July 2014. Upon delivery, this vessel began a time charter for up to 120 days at approximately $15,000 per day. • STI Elysees, an LR2 product tanker, was delivered from Hyundai Samho Heavy Industries ("HSHI") in July 2014. Stock Buyback Program The Company has purchased 6,327,861 of its common shares in the open market at an average price of $9.74 per share since July 1, 2014 under its $150 Million Stock Buyback Plan (the "Plan") that was announced on June 30, 2014 and has $88.1 million remaining under the Plan. During 2014, the Company has acquired 29.0 million of its common shares that are being held as treasury shares at an average price of $9.26 per share. The acquisitions include (i) 11,326,646 common shares that were purchased in the open market at an average price of $9.35 per share, (ii) 7,500,000 common shares at $8.94 per share that were acquired in exchange for 3,422,665 shares in Dorian and (iii) 10,127,600 common shares at $9.38 per share that were acquired in conjunction with the Company's offering of $360 million of Convertible Senior Notes due 2019. As of July 22, 2014, the Company has 172,206,301 common shares issued and outstanding. Second Quarter Earnings Release Date The Company will announce its second quarter 2014 earnings before the open of trading on the NYSE on Monday, July 28, 2014. Scorpio Tankers Inc. press release |
