SOURCE: Scorpio Tankers Inc.

Scorpio Tankers Inc.

November 30, 2011 16:01 ET

Scorpio Tankers Inc. Announces Public Offering of 7,000,000 Shares of Its Common Stock

MONACO--(Marketwire - Nov 30, 2011) - Scorpio Tankers Inc. (NYSE: STNG) (the "Company") announced today that it intends to offer and sell 7,000,000 shares of its common stock in an underwritten public offering. The purpose of the offering is to enable the Company to fund the acquisition of two 52,000 dwt newbuilding tankers that it is currently negotiating to have constructed at Hyundai Mipo Dockyard Co. Ltd. of South Korea. The proceeds of the offering are expected to be used to partially repay outstanding indebtedness under the Company's 2010 Revolving Credit Facility with Nordea Bank Finland plc (the "2010 Revolving Credit Facility") and for general corporate purposes. The Company intends to re-draw all or a portion of the amount available under the 2010 Revolving Credit Facility to fund the acquisitions described above.

Morgan Stanley & Co. LLC is acting as the sole bookrunning manager in the offering.

This offering is being made only by means of a prospectus supplement and accompanying base prospectus. A prospectus supplement related to the offering will be filed with the U.S. Securities and Exchange Commission (the "SEC") and will be available on the SEC's website located at www.sec.gov. When available, copies of the prospectus supplement and the accompanying prospectus relating to this offering may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York, NY 10014, or by calling (866) 718-1649 or by email at prospectus@morganstanley.com.

A shelf registration statement relating to the shares was filed with the SEC and is effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other 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 other jurisdiction.