Overseas Shipholding Group Appoints Geoffrey Carpenter as Vice President and Treasurer

Overseas Shipholding Group, Inc. (OTC: OSGIQ) today announced the appointment of Geoffrey (“Geoff”) Carpenter as Vice President and Treasurer. Mr. Carpenter will assume all management responsibility for the company’s treasury department.

“Our hiring of Geoff is an important addition to OSG's management team,” said John Ray, Chairman of the Board of OSG. “He is an experienced financial professional and we are confident that he will execute OSG’s financing strategy and be a valuable asset as OSG’s interface with the investment and banking communities. Our newly appointed Board is pleased to have achieved a number of its key objectives to energize the company as we move forward with our strategy.”

Previously, Mr. Carpenter held similar roles in treasury and finance at The Boeing Company, Lockheed Martin Corporation and DaimlerChrysler Trucks North America. Most recently, he served as Senior Vice President and Treasurer at Brightstar Corporation, a leading specialized wireless services company. Mr. Carpenter earned a Bachelor of Science in Marketing from University at Albany, State University of New York, and a Master of Business Administration in Finance from Northeastern University.

On August 11, 2014, OSG announced its search for a new chief executive officer to lead the company’s growth efforts after emergence last month from its Chapter 11 reorganization. On August 20, 2014, OSG filed with the U.S. Securities and Exchange Commission to register securities issued in connection with the reorganization.

ABOUT OSG

Overseas Shipholding Group, Inc. is a publicly traded tanker company providing energy transportation services for crude oil and petroleum products in the U.S. and International Flag markets. OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in New York City, NY. More information is available at www.osg.com.