OSG “Raises.” Independent Directors “Check”.

Today OSG increased the offer price for all the outstanding shares of OSG America L.P. (“OSP”) from its original offer of $8 to $10.25 following extensive discussions with OSP’s committee of independent directors, who have now deemed it to be fair. The increased offer price represents a 28% increase over the original offer and a premium of approximately 44% over the closing price of the units the last day prior to the announcement.

OSG currently controls approximately 77.1% of the equity, including 53.3% of the outstanding common units, 100% of the subordinated units and the 2% general partner interest

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