Scorpio Tankers Announces Repurchases of Its Common Shares and Its Convertible Notes, and the Exercise of Purchase Options on Six Leased Vessels

Monaco - July 07, 2022

Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio Tankers,” or the “Company”) announced that the Company has repurchased its common shares and convertible notes due 2025, and the Company has given notice to exercise its purchase options on six leased vessels.

Repurchase of Common Shares
Scorpio Tankers has recently repurchased 364,474 of its common shares in the open market at an average price of $29.17 per share.

Repurchase of Convertible Notes Due 2025
The Company has recently repurchased $1.5 million in aggregate principal amount of its Convertible Notes due 2025 in the open market.

Securities Repurchase Program
As of the date of this press release, the Company has $223.4 million available under its Securities Repurchase Program.

The Company's securities include its common shares, Senior Notes due 2025 (NYSE:SBBA), and Convertible Notes due 2025.

Exercise of Purchase Option on Six Leased Vessels
The Company has given notice to exercise its purchase options on six 2014 built MR product tankers (STI Opera, STI Virtus, STI Venere, STI Aqua, STI Dama, and STI Regina). These vessels were sold and leased back by the Company in August 2018.

The leases bear interest at LIBOR plus a margin of 3.50% per annum. The purchase, which is expected to occur in August 2022, will result in a debt reduction of $95.0 million for the Company.

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 115 product tankers (40 LR2 tankers, 61 MR tankers and 14 Handymax tankers) with an average age of 6.5 years. The Company has agreed to sell one LR2 tanker and one MR tanker. Additional information about the Company is available at the Company's website, which is not a part of this press release.

Scorpio Tankers Inc. press release