Scorpio Orders Six Additional LR2 Newbuildings

Scorpio Tankers Inc. has executed agreements with Hyundai Samho Heavy Industries Co., Ltd. (HSHI) to construct a total of four 114,000 dwt LR2 product tankers for approximately $50 million each.

These agreements are in addition to the previously announced agreement for two similar vessels. The Company has six LR2 newbuilding contracts at HSHI, all of which are scheduled to be delivered within 2014. These newbuildings come with fixed-price options for the construction of additional LR2 vessels.

In addition, the Company has reached an agreement with Daewoo Shipbuilding and Marine Engineering Co., Ltd. (DSME) to construct two 114,000 dwt LR2 product tankers for approximately $50 million each. These vessels are scheduled to be delivered within 2014. This agreement includes fixed-price options for the construction of additional LR2 vessels.

The Company has a total of 33 newbuilding product tanker agreements, which include 19 MR, eight LR2 and six Handymax ice class-1A vessels, at Hyundai Mipo Dockyard Co. Ltd., SPP Shipbuilding Co. Ltd., HSHI, and DSME. One of the newbuildings is expected to be delivered to the Company by April 2013 and the remaining 32 by the end of 2014. The Company also has fixed-price options to construct additional newbuilding product tankers at these yards.

Press Release, March 26, 2013