Scorpio Tankers Inc. Announces Financial Results for the Fourth Quarter of 2020 and Declaration of a Quarterly Dividend

Monaco - Feb. 18, 2021







Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers" or the "Company") today reported its results for the three months and year ended December 31, 2020. The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share on the Company’s common stock.

Results for the three months ended December 31, 2020 and 2019
For the three months ended December 31, 2020, the Company had a net loss of $76.3 million, or $1.41 basic and diluted loss per share. For the three months ended December 31, 2020, the Company had an adjusted net loss (see Non-IFRS Measures section below) of $56.6 million, or $1.04 basic and diluted loss per share, which excludes from the net loss (i) $2.8 million, or $0.05 per basic and diluted share, of losses recorded on the extinguishment of debt during the period, which resulted from the refinancing of certain credit facilities and lease financing arrangements, and (ii) impairment charges of $16.8 million, or $0.31 per basic and diluted share.

For the three months ended December 31, 2019, the Company had net income of $12.0 million, or $0.22 basic and $0.21 diluted earnings per share. For the three months ended December 31, 2019, the Company’s adjusted net income (see Non-IFRS Measures section below) was $12.8 million, or $0.23 basic and diluted earnings per share, which excludes from net income a $0.7 million, or $0.01 per basic and diluted share, write-off of deferred financing fees.

Results for the year ended December 31, 2020 and 2019
For the year ended December 31, 2020, the Company had net income of $94.1 million, or $1.72 basic and $1.67 diluted earnings per share. For the year ended December 31, 2020, the Company had an adjusted net income (see Non-IFRS Measures section below) of $114.0 million, or $2.09 basic and $2.02 diluted earnings per share, which excludes from net income (i) a $1.0 million, or $0.02 per basic and diluted share, gain recorded on the Company's repurchase of its Convertible Notes due 2022 during the third quarter of 2020, (ii) $4.1 million, or $0.07 per basic and diluted share, of losses recorded on the extinguishment of debt during the year, which resulted from the refinancing of certain credit facilities and lease financing arrangements, and (iii) impairment charges of $16.8 million, or $0.31 per basic and $0.30 per diluted share.

For the year ended December 31, 2019, the Company had a net loss of $48.5 million, or $0.97 basic and diluted loss per share. For the year ended December 31, 2019, the Company’s adjusted net loss (see Non-IFRS Measures section below) was $47.0 million, or $0.94 basic and diluted loss per share, which excludes from the net loss a $1.5 million, or $0.03 per basic and diluted share, write-off of deferred financing fees.

Declaration of Dividend
On February 17, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable on or about March 15, 2021 to all shareholders of record as of March 2, 2021 (the record date). As of February 17, 2021, there were 58,093,147 common shares of the Company outstanding.

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About Scorpio Tankers Inc.
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns, finance leases or bareboat charters-in 135 product tankers (42 LR2 tankers, 12 LR1 tankers, 63 MR tankers and 18 Handymax tankers) with an average age of 5.2 years.

Additional information about the Company is available at the Company's website www.scorpiotankers.com, which is not a part of this press release.

Scorpio Tankers Inc. press release