Scorpio Tankers announced exercise of purchase option on six leased vessels

Scorpio Tankers announced that the Company has repurchased its common shares and convertible notes due 2025, and the Company has given notice to exercise its purchase options on six leased vessels.

Repurchase of Common Shares

Scorpio Tankers has recently repurchased 364,474 of its common shares in the open market at an average price of $29.17 per share.

Repurchase of Convertible Notes Due 2025

The Company has recently repurchased $1.5 million in aggregate principal amount of its Convertible Notes due 2025 in the open market.

Securities Repurchase Program

As of the date of this press release, the Company has $223.4 million available under its Securities Repurchase Program.

The Company’s securities include its common shares, Senior Notes due 2025 (NYSE:SBBA), and Convertible Notes due 2025.

Exercise of Purchase Option on Six Leased Vessels

The Company has given notice to exercise its purchase options on six 2014 built MR product tankers (STI Opera, STI Virtus, STI Venere, STI Aqua, STI Dama, and STI Regina). These vessels were sold and leased back by the Company in August 2018. The leases bear interest at LIBOR plus a margin of 3.50% per annum. The purchase, which is expected to occur in August 2022, will result in a debt reduction of $95.0 million for the Company.



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