NEW YORK–(BUSINESS WIRE)–International Seaways, Inc. (NYSE: INSW, one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today announced proposed changes to its Board of Directors ahead of the Company’s 2024 Annual Meeting of Stockholders, which is expected to be held in June 2024. The Company will nominate Kristian K. Johansen and Darron M. Anderson for election as independent directors to the Board at the Annual Meeting. In addition, Joseph I. Kronsberg will be retiring from the Board and will not stand for re-election.
The nomination of Mr. Johansen follows discussions with representatives of the Seatankers Group (“Seatankers”), of which Famatown Finance Limited, INSW’s largest shareholder, is a member. The nomination of Mr. Anderson is the result of the Company’s independent search process following the resignation of Nadim Z. Qureshi from the Board in February 2024.
“We are pleased to welcome Kristian and Darron to our Board,” said Douglas D. Wheat, Chairman of the Board. “Kristian will bring extensive board and executive level experience from the global energy markets that are critical to INSW. Kristian’s nomination reflects collaborative discussions with representatives of Seatankers and our ongoing commitment to refreshing our Board with additional skills and expertise that complement those of our existing directors.”
Mr. Wheat continued, “Darron has significant leadership experience in the oil and natural gas industry and brings firsthand operational experience to our boardroom. We are pleased to nominate and recommend both Kristian and Darron to our Board as we are confident that the Board will benefit from their insights. We look forward to leveraging their expertise and welcoming their diverse and independent perspectives as we navigate the dynamic industry landscape and continue delivering value for all of our stakeholders.”
“The momentum that INSW has built during our record 2023 has carried throughout this year, thanks to both a favorable market environment and to the strategic steps we have taken in recent years,” said Lois K. Zabrocky, Chief Executive Officer of INSW. “We are pleased to add two new members to the Board, who bring complementary experience to the industries we serve and who can help us capture the opportunities ahead. I am excited to collaborate with Kristian and Darron, as well as the rest of the Board, as we drive strong earnings in the near and long-term and execute our balanced capital allocation strategy.”
Mr. Johansen said, “I am excited to have the opportunity to join the Board and its highly qualified directors. I look forward to working alongside my colleagues on the Board and the management team to position the Company for continued success.”
Mr. Anderson said, “International Seaways is operating from a position of strength, and I am eager to join the Board to support the Company as it reaches new heights. I believe my experience in the oil and gas end-markets will contribute to INSW’s business and strategy as the Company continues to deliver enhanced value for shareholders.”
“We believe that the industry is in the midst of a multi-year upcycle and International Seaways is well-positioned to take advantage of that upcycle,” said Jan Erik Klepsland, Investment Director of Seatankers. “Seatankers looks forward to the Company’s continued efforts to drive shareholder returns, deliver on its strategic initiatives, and capitalize on the opportunities ahead. We appreciate the constructive dialogue with the Board and management and are confident that Kristian will be a strong addition to the Board.”
Mr. Wheat concluded, “Joe has served on INSW’s Board since the Company’s spin-off and subsequent IPO in 2016 and has been instrumental in overseeing the Company’s continued growth and success. On behalf of the entire Board, we would like to thank Joe for his years of service and dedication to INSW.”
About Kristian K. Johansen
Mr. Johansen has served as Chief Executive Officer of TGS ASA (OSE:TGS), a global provider of energy data and intelligence, since 2016. He joined TGS in 2010 as Chief Financial Officer and was appointed Chief Operating Officer in February of 2015. Prior to joining TGS, Mr. Johansen was the Executive Vice President and CFO of EDB Business Partner (now Evry) in Oslo, which is one of the largest IT groups in the Nordic region. Mr. Johansen currently is a Non-Executive Director of Valaris LTD (NYSE: VAL) and has served on many public boards and industry associations both in North America and Europe. Mr. Johansen earned his undergraduate and Master’s degrees in business administration from the University of New Mexico in 1998 and 1999.
About Darron M. Anderson
Mr. Anderson currently serves as President and Chief Executive Officer of Stallion Oilfield Holdings, Inc. Prior to that, he served as President, Chief Executive Officer and as a Director of Ranger Energy Services, LLC (NYSE: “RNGR”), where he was responsible for successfully implementing and executing the company’s IPO on the NYSE in August 2017, as well as consolidating four entities to form the current Ranger Energy Services, known today as a market-leading well services company and Permian Basin wireline completion business. Mr. Anderson was previously an executive of Express Energy Services from 2004 through 2015, serving as its President and Chief Executive Officer from 2008 to 2015. Mr. Anderson began his career in the oil and natural gas industry as a drilling engineer for Chevron Corporation in 1991 holding positions of increasing responsibility across U.S. Land, Offshore and Canada. Mr. Anderson resigned from Chevron in 1998 to pursue an entrepreneurial career in oil field services where he has spent the last 25 years building successful service organizations focused on land and offshore drilling, completion and production operations. Mr. Anderson holds a Bachelor of Science in Petroleum Engineering from the University of Texas at Austin.
ABOUT INTERNATIONAL SEAWAYS, INC.
International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 77 vessels, including 13 VLCCs, 13 Suezmaxes, 5 Aframaxes/LR2s, 11 LR1s (including 4 newbuildings) and 35 MR tankers. The Company has six additional MRs under contract to purchase, which are expected to be delivered by the end of the second quarter of 2024. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.
