SOURCE: Omega Navigation

April 07, 2006 14:02 ET

Omega Navigation Enterprises Announces Pricing of Initial Public Offering

PIREAUS, GREECE -- (MARKET WIRE) -- April 7, 2006 -- Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) announced today that its initial public offering of 12,000,000 shares of its Class A Common Stock has been priced at $17.00 per share.

The company has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of Class A Common Stock to cover over-allotments, if any.

Omega Navigation intends to use the net proceeds from the sale of its shares primarily to fund a portion of the purchase price of 6 double hull product tankers with expected delivery between May 2006 and July 2006.

The Class A Common Stock will be quoted on the NASDAQ National Market in the United States under the symbol "ONAV" and on the Singapore Exchange Securities Trading Limited. It is expected to begin trading today in the U.S. and Monday in Singapore.

Jefferies & Company, Inc. acted as Global Coordinator of the Global Offering. Jefferies & Company, Inc. and J.P. Morgan Securities, Inc. acted as Joint Bookrunners of U.S. Offering. UOB Asia Limited is the Singapore underwriter and sponsor to the secondary listing in Singapore.

Detailed information about the company and the offering are contained in the company's prospectus for the offering. A copy of the final prospectus related to this offering may be obtained from:

Jefferies & Company, Inc.          J.P. Morgan Securities, Inc.
20 Madison Avenue                  National Statement Processing
12th Floor                         Prospectus Library
New York, NY 10022                 4 Chase Metrotech Center
Tel. (212) 284-2342                CS Level
                                   Brooklyn, NY 11245
                                   Tel.(718) 242-8003
A registration statement relating to this offering was filed with and declared effective by the Securities and Exchange Commission on April 6, 2006. The offering is being made solely by means of a prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Omega Navigation Enterprises, Inc.

Omega Navigation Enterprises, Inc. is a Marshall Islands corporation that provides marine transportation services to its customers, with principal executive offices in Piraeus, Greece.

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