Diamond S Shipping Inc., the Greenwich-based tanker company, announced its merger with New York City-headquartered rival International Seaways Inc. (INSW) in a stock-for-stock transaction.
The merger will create the second largest U.S.-listed tanker company by vessel count and the third largest by deadweight, with a fleet of 100 vessels, a workforce of more than 2,200 employees, shipping revenues of more than $1 billion and an enterprise value of about $2 billion.
According to the companies, INSW and Diamond S shareholders will own approximately 55.75% and 44.25% of the combined company, respectively, using fully diluted share counts as of March 30.
The merged entity will trade on the New York Stock Exchange under the INSW ticker, with Diamond S”™ DSSI ticker being retired. INSW”™s Douglas Wheat, Lois Zabrocky and Jeffrey Pribor will continue to serve in their roles as the chairman of the board of directors, CEO and chief financial officer.
Diamond S CEO Craig Stevenson Jr. will join the board of directors of INSW and serve as a special adviser to the CEO for a six-month transition period.
“By combining our fleet and capabilities with INSW”™s world-class operations, we believe the merger will significantly benefit each company”™s stakeholders as market conditions improve,” Stevenson said.
