UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
AMENDMENT NO. 4
Overseas Shipholding Group, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
690368105
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(CUSIP Number)
Frontline Ltd.
Par-La-Ville Place, 4th Floor
14 Par-La-Ville Road
Hamilton HM 08
Bermuda
(441)295-6935
With a copy to:
Gary J. Wolfe, Esq.
Seward & Kissel LLP
One Battery Park Plaza
New York, New York 10004
(212) 574-1200
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 26, 2008
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the
following box [ ].
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP NO. 690368105 SCHEDULE 13D
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1. NAME OF REPORTING PERSON Frontline Ltd.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* AF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Bermuda
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7. SOLE VOTING POWER -0-
NUMBER OF -------------------------------------------------------------
SHARES 8. SHARED VOTING POWER 183,400
BENEFICIALLY
OWNED BY EACH -------------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
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10. SHARED DISPOSITIVE POWER 183,400
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 183,400
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.6%
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14. TYPE OF REPORTING PERSON CO
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CUSIP NO. 690368105 SCHEDULE 13D
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1. NAME OF REPORTING PERSON Hemen Holding Limited
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* AF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Cyprus
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7. SOLE VOTING POWER -0-
NUMBER OF -------------------------------------------------------------
SHARES 8. SHARED VOTING POWER 183,400
BENEFICIALLY
OWNED BY EACH -------------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-------------------------------------------------------------
10. SHARED DISPOSITIVE POWER 183,400
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 183,400
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.6%
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14. TYPE OF REPORTING PERSON CO
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CUSIP NO. 690368105 SCHEDULE 13D
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1. NAME OF REPORTING PERSON Bandama Investment Ltd.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Republic of Liberia
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7. SOLE VOTING POWER -0-
NUMBER OF -------------------------------------------------------------
SHARES 8. SHARED VOTING POWER 183,400
BENEFICIALLY
OWNED BY EACH -------------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-------------------------------------------------------------
10. SHARED DISPOSITIVE POWER 183,400
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 183,400
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.6%
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14. TYPE OF REPORTING PERSON CO
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CUSIP NO. 690368105 SCHEDULE 13D
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1. NAME OF REPORTING PERSON Geveran Holdings S.A.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* AF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Republic of Liberia
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7. SOLE VOTING POWER -0-
NUMBER OF -------------------------------------------------------------
SHARES 8. SHARED VOTING POWER -0-
BENEFICIALLY
OWNED BY EACH -------------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-------------------------------------------------------------
10. SHARED DISPOSITIVE POWER -0-
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON -0-
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0%
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14. TYPE OF REPORTING PERSON CO
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CUSIP NO. 690368105 SCHEDULE 13D
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1. NAME OF REPORTING PERSON Monteray Enterprises Ltd.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Cyprus
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7. SOLE VOTING POWER -0-
NUMBER OF -------------------------------------------------------------
SHARES 8. SHARED VOTING POWER -0-
BENEFICIALLY
OWNED BY EACH -------------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-------------------------------------------------------------
10. SHARED DISPOSITIVE POWER -0-
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON -0-
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0%
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14. TYPE OF REPORTING PERSON CO
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CUSIP NO. 690368105 SCHEDULE 13D
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1. NAME OF REPORTING PERSON John Fredriksen
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* OO
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Cyprus
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7. SOLE VOTING POWER -0-
NUMBER OF -------------------------------------------------------------
SHARES 8. SHARED VOTING POWER 183,400
BENEFICIALLY
OWNED BY EACH -------------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-------------------------------------------------------------
10. SHARED DISPOSITIVE POWER 183,400
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 183,400
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.6%
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14. TYPE OF REPORTING PERSON IN
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CUSIP NO. 690368105 SCHEDULE 13D
The purpose of this Amendment No. 4 to the Schedule 13D is to report that
on May 26, 2008, Frontline Ltd. ("Frontline") terminated the forward contract
with DnB NOR Bank ASA (the "Seller") dated March 3, 2008, described in Amendment
No. 1 to the Schedule 13D of Frontline filed with the Securities and Exchange
Commission ("SEC") on March 31, 2008. On the same day, Frontline entered into a
new forward contract with the Seller whereby Frontline agreed to purchase
1,366,600 shares of common stock of Overseas Shipholding Group, Inc. (the
"Issuer") from the Seller on August 29, 2008, for a purchase price of
$93,133,790.
In addition, on May 20, 2008, May 21, 2008 and May 28, 2008, certain
Reporting Persons, sold an aggregate of 244,900 common shares of the Issuer.
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Item 1. Security and Issuer
NO MATERIAL CHANGE FROM THE SCHEDULE 13D FILED ON MARCH 20, 2008.
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Item 2. Identity and Background
NO MATERIAL CHANGE FROM THE SCHEDULE 13D FILED ON MARCH 20, 2008.
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Item 3. Source and Amount of Funds or Other Consideration
As described in Item 6 below, on May 26, 2008, Frontline entered in a
forward contract with the Seller whereby Frontline agreed to purchase 1,366,600
common shares of the Issuer from the Seller on August 29, 2008 for a purchase
price of $93,133,790.
The source of funds for the purchases of 183,400 shares of Issuer's common
stock held in the account of Bandama Investment Ltd. ("Bandama") was
$14,637,154, representing the working capital of Bandama.
None of the other persons named in response to Item 2 hold any shares of
the Issuer's common stock in their accounts.
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Item 4. Purpose of Transaction
NO MATERIAL CHANGE FROM THE SCHEDULE 13D FILED ON MARCH 20, 2008.
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Item 5. Interest in Securities of the Issuer
(a), (b) According to the Issuer's most recent Report on Form 10-Q, there
were 30,793,238 shares of common stock issued and outstanding as of April 29,
2008 ("Common Stock"). Based on such information, after taking into account the
transactions described in Exhibit B attached hereto, the Reporting Persons
report beneficial ownership of the following shares of Common Stock:
Frontline Ltd. may be deemed to beneficially own 183,400 shares of Common
Stock, representing approximately 0.6% of the outstanding shares of Common Stock
of the Issuer. Frontline has the sole power to vote 0 shares of Common Stock and
the shared power to vote 183,400 shares of Common Stock. Frontline has the sole
power to dispose of 0 shares of Common Stock and the shared power to dispose of
183,400 shares of Common Stock.
Bandama Investment Ltd. may be deemed to beneficially own 183,400 shares of
Common Stock, representing approximately 0.6% of the outstanding shares of
Common Stock of the Issuer. Bandama has the sole power to vote 0 shares of
Common Stock and the shared power to vote 183,400 shares of Common Stock.
Bandama has the sole power to dispose of 0 shares of Common Stock and the shared
power to dispose of 183,400 shares of Common Stock.
Hemen Holding Limited ("Hemen") may be deemed to beneficially own 183,400
shares of Common Stock, representing approximately 0.6% of the outstanding
shares of Common Stock of the Issuer. Hemen has the sole power to vote 0 shares
of Common Stock and the shared power to vote 183,400 shares of Common Stock.
Hemen has the sole power to dispose of 0 shares of Common Stock and the shared
power to dispose of 183,400 shares of Common Stock.
Geveran Holdings S.A. ("Geveran") may be deemed to beneficially own 0
shares of Common Stock, representing approximately 0.0% of the outstanding
shares of Common Stock of the Issuer. Geveran has the sole power to vote 0
shares of Common Stock and the shared power to vote 0 shares of Common Stock.
Geveran has the sole power to dispose of 0 shares of Common Stock and the shared
power to dispose of 0 shares of Common Stock.
Monteray Enterprises Ltd. ("Monteray") may be deemed to beneficially own 0
shares of Common Stock, representing approximately 0.0% of the outstanding
shares of Common Stock of the Issuer. Monteray has the sole power to vote 0
shares of Common Stock and the shared power to vote 0 shares of Common Stock.
Monteray has the sole power to dispose of 0 shares of Common Stock and the
shared power to dispose of 0 shares of Common Stock.
Mr. Fredriksen may be deemed to beneficially own 183,400 shares of Common
Stock, representing approximately 0.6% of the outstanding shares of Common Stock
of the Issuer. Mr. Fredriksen has the sole power to vote 0 shares of Common
Stock and the shared power to vote 183,400 shares of Common Stock. Mr.
Fredriksen has the sole power to dispose of 0 shares of Common Stock and the
shared power to dispose of 183,400 shares of Common Stock.
None of the other persons named in response to Item 2 have the sole power
to vote or to direct the vote, the shared power to vote or direct the vote, the
sole power to dispose or to direct the disposition of the shares of Common Stock
that are the subject of this Statement.
(c) There have not been any transactions in the shares of Common Stock by
the Reporting Persons since May 28, 2008. In addition, to the best of the
Reporting Persons' knowledge, none of the other persons named in response to
Item 2, were involved in any transactions in shares of Common Stock since May
28, 2008.
(d) No other person is known to have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, any of
the Issuer's Common Stock beneficially owned by the Reporting Persons.
(e) On May 26, 2008, the Reporting Persons, ceased to be the beneficial
owners of more than five percent of the Issuer's Common Stock.
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Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
On May 26, 2008, Frontline terminated the forward contract with the Seller
dated March 3, 2008, described in Amendment No. 1 to the Schedule 13D of
Frontline filed with the SEC on March 31, 2008. On the same day, Frontline
entered in a new forward contract with the Seller whereby Frontline agreed to
purchase 1,366,600 shares of Common Stock from the Seller on August 29, 2008,
for a purchase price of $93,133,790. In the event a dividend is paid by the
Issuer prior to August 29, 2008, such dividend shall accrue to Frontline.
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Item 7. Material to be Filed as Exhibits
Exhibit A - Joint Filing Undertaking.
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: May 29, 2008
FRONTLINE LTD.
By: /s/ Jens Martin Jensen
------------------------
Name: Jens Martin Jensen
Title: Acting Principal Executive Officer
BANDAMA INVESTMENT LTD.
By: /s/ Inger M. Klemp
------------------------
Name: Inger M. Klemp
Title: President and Director
HEMEN HOLDING LIMITED
By: /s/ Dimitris Hannas
------------------------
Name: Dimitris Hannas
Title: Director
MONTERAY ENTERPRISES LTD.
By: /s/ Marios Saveriades
------------------------
Name: Marios Saveriades
Title: Director
GEVERAN HOLDINGS S.A.
By: /s/ Marios Saveriades
------------------------
Name: Marios Saveriades
Title: President and Director
JOHN FREDRIKSEN
By: /s/ John Fredriksen
-------------------
Name: John Fredriksen
Exhibit A
JOINT FILING UNDERTAKING
The undersigned, being duly authorized thereunto, hereby executes this agreement
as an exhibit to this Schedule 13D with respect to the shares of Common Stock of
Overseas Shipholding Group, Inc. to evidence the agreement of the below-named
parties, in accordance with the rules promulgated pursuant to the Securities
Exchange Act of 1934, as amended, to file this Schedule 13D jointly on behalf of
each such party.
Dated: May 29, 2008
FRONTLINE LTD.
By: /s/ Jens Martin Jensen
------------------------
Name: Jens Martin Jensen
Title: Acting Principal Executive Officer
BANDAMA INVESTMENT LTD.
By: /s/ Inger M. Klemp
------------------------
Name: Inger M. Klemp
Title: President and Director
HEMEN HOLDING LIMITED
By: /s/ Dimitris Hannas
------------------------
Name: Dimitris Hannas
Title: Director
MONTERAY ENTERPRISES LTD.
By: /s/ Marios Saveriades
------------------------
Name: Marios Saveriades
Title: Director
GEVERAN HOLDINGS S.A.
By: /s/ Marios Saveriades
------------------------
Name: Marios Saveriades
Title: President and Director
JOHN FREDRIKSEN
By: /s/ John Fredriksen
-------------------
Name: John Fredriksen
Exhibit B
TRANSACTIONS IN THE COMMON STOCK BY MONTERAY ENTERPRISES LTD.
AND GEVERAN HOLDINGS S.A.
Date of Number of Shares
Transaction Purchased/(Sold) Price per Share
----------- --------------- ---------------
5/20/2008 (100,000) $83.05
5/21/2008 (63,000) $82.63
5/28/2008 (81,475) $77.51
SK 02089 0009 886870