OMI Corporation to Explore Strategic Alternatives
16 March 2007 - 9:00PM
Business Wire
OMI Corporation (NYSE:OMM) announced today that its Board of
Directors has decided to evaluate a range of strategic alternatives
to further enhance shareholder value. These alternatives may
include, but are not limited to, continued execution of the
Company�s operating plan, sale or merger of the Company or other
strategic transactions. The Company has retained Perella Weinberg
Partners and Fearnley Fonds ASA as financial advisors in the
evaluation process. The Company noted that there can be no
assurance that the exploration of strategic alternatives will
result in any transaction. The Company does not intend to disclose
developments with respect to this process unless and until the
review of strategic alternatives has been completed. OMI
Corporation is a major international owner and operator of tankers.
Its fleet aggregates approximately 3.5 million deadweight tons and
comprises 13 Suezmax tankers (7 of which it owns and 6 of which are
chartered-in) and 32 product carriers (of which it owns 28 and
charters-in 4). In addition, the Company has 2 product carriers
under construction, which will be delivered in 2009.
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