Scorpio Tankers to announce Q2 2017 earnings following merger with NPTI
Scorpio Tankers Inc. announced today that it will release its second quarter 2017 earnings before the market open on Monday September 18, 2017 as a result of the pending merger with Navig8 Product Tankers Inc (“NPTI”). The Company will also host a conference call on September 18, 2017.
On May 23, 2017, the Company announced that it had entered into definitive agreements to merge with NPTI (the “Merger”). In conjunction with the Merger, the Company agreed to purchase four subsidiaries of NPTI, each of which owned an LR1 tanker (the “LR1 Vessels”), and on June 14, 2017, the Company completed the purchase of the entities that own the LR1 Vessels.
The Merger is expected to close in the third quarter of 2017 and is subject to the completion of certain customary conditions, including without limitation, the approval of the Merger by holders of a majority of the outstanding shares of common stock of NPTI of the Company’s shares to be issued as consideration in the Merger.
About Scorpio Tankers Inc.
Scorpio Tankers is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers currently owns 82 product tankers (23 LR2, four LR1, 41 MR and 14 Handymax tankers) with an average age of 2.5 years and time or bareboat charters-in 20 product tankers (two LR2s, nine MRs and nine Handymax tankers). Scorpio Tankers has contracted for four newbuilding MR product tankers, which are expected to be delivered throughout the remainder of 2017 and the first quarter of 2018. The Company has also entered into a merger agreement with NPTI to acquire 23 product tankers (eight LR1 and 15 LR2 tankers), which is expected to close during the third quarter of 2017.
About Navig8 Product Tankers Inc
NPTI is a Marshall Islands corporation formed for the purpose of acquiring and operating LR1 and LR2 tankers with fuel-efficient specifications and carrying capacities between 74,000 dwt and 113,000 dwt in the international product tanker market. Following the sale of 4 LR1 tankers to Scorpio Tankers, NPTI currently has a fleet of 23 eco-design product tankers (15 LR2 and 8 LR1 tankers). These vessels were financed through bank debt, sale leaseback transactions and cash on hand. All of NPTI’s vessels are operated in pools managed by the Navig8 Group.
