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Overseas Shipholding raises dividend, OKs buyback

By Associated Press
June 9, 2008 | Comments (0)

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Petroleum tanker operator Overseas Shipholding Group Inc. said Monday it boosted its regular quarterly dividend by 40 percent and laid out plans to buy back up to $250 million worth of shares.

The dividend increases to 43.75 cents from 31.25 cents. It is payable Aug. 27 to shareholders of record Aug. 6.

The share repurchase program replaces an earlier buyback plan that ended in the second quarter. Under the previous program, OSG bought back 280,000 shares at an average price of $77.48 per share.

The company plans to buy the shares on the open market.

OSG shares rose 95 cents to $80.79 in after-hours trading, extending a gain of $2.32, or 3 percent, to $79.84 in the regular session.

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