OSG AMER L P
			Symbol			OSP

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CORRECTING and REPLACING Overseas Shipholding Group Commences Tender Offer for Common Units of OSG America L.P. at $10.25 in Cash Per Unit

2009-11-05 19:55 ET - News Release

Also News Release (U-OSG) OVERSEAS SHIPHOLDING GROUP I

Company Website: http://www.osg.com
NEW YORK -- (Business Wire)

Fourth graph, first sentence of release should read: The offer and withdrawal rights are scheduled to expire at 11:59 p.m., New York City time, on December 4, 2009, unless the deadline is extended. (sted The offer and withdrawal rights are scheduled to expire at 11:59 p.m., New York City time, on December 2, 2009, unless the deadline is extended.)

The corrected release reads:

OVERSEAS SHIPHOLDING GROUP COMMENCES TENDER OFFER FOR COMMON UNITS OF OSG AMERICA L.P. AT $10.25 IN CASH PER UNIT

Overseas Shipholding Group, Inc. (NYSE:OSG), a market leader in providing energy transportation services, today announced that it has commenced, through its wholly owned subsidiary OSG Bulk Ships, Inc., a New York corporation, the previously announced tender offer for all of the outstanding publicly-held common units (the “Units”) of OSG America L.P. (“OSG America” or the “Partnership”; NYSE: OSP) that OSG and its subsidiaries do not currently own at $10.25 per unit in cash, representing total cash consideration of approximately $72 million exclusive of fees and expenses. OSG and its affiliates currently own approximately 53.3% of the outstanding Units, 100% of the outstanding subordinated units and a 2% general partner interest, representing in the aggregate approximately 77.1% of the outstanding equity of OSG America.

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