International Seaways Inc., a major player in global oil transportation, has agreed to acquire Bruton Ltd., a tanker owner listed on the Euronext Oslo stock exchange, in a transaction that values the company at approximately $370 million.

The agreement, announced Friday, will expand International Seaways’ fleet and strengthen its position in the competitive crude oil shipping market. The New York Stock Exchange-listed company transports crude oil and petroleum products worldwide and plans to complete the acquisition through a two-stage transaction.

The deal will add four very large crude carriers, known as VLCCs, to a fleet of roughly 70 vessels. The additional ships include vessels still under construction, giving International Seaways an opportunity to expand its capacity while modernizing its existing operations.

International Seaways Structures Acquisition in Two Stages

Under the first phase, International Seaways will offer 0.0519 of its own shares for each Bruton share, targeting approximately 50.5% of Bruton’s outstanding stock. The initial transaction is expected to settle by Tuesday.

The acquisition will then move into its second stage, when International Seaways will purchase the remaining Bruton shares through a combination of cash and stock.

Across the full transaction, International Seaways expects to issue approximately 3.12 million shares to cover 96% of the consideration, with the balance paid in cash.

Following settlement of the initial phase, Bruton intends to call an extraordinary general meeting of shareholders by Oct. 30 to seek approval for the deal. International Seaways said investors participating in the first stage have already committed to voting in favor of the transaction.

Bruton is listed in Oslo but incorporated in Bermuda, giving the acquisition an international corporate and legal dimension. Drew Holdings Ltd. and Koch Inc. are among the major shareholders selling their interests during the first phase. Together, they account for the majority stake being acquired in that stage.

Legal Advisers Support Cross-Border Transaction

Several law firms are advising the companies as they navigate the transaction across the United States, Bermuda and Norway.

Wachtell Lipton Rosen & Katz is serving as International Seaways’ U.S. legal adviser. Carey Olsen is handling Bermuda legal matters for the buyer, while Schjødt is providing Norwegian counsel.

On Bruton’s side, Conyers Dill & Pearman Ltd. is acting as Bermuda legal counsel, and Ro Sommernes Advokatfirma AS is serving as its Norwegian legal adviser.

The involvement of advisers across multiple jurisdictions reflects the complexity of acquiring a Bermuda-incorporated company traded in Oslo through a U.S.-listed shipping business.

CEO Says Deal Will Modernize Fleet and Create Shareholder Value

Lois Zabrocky, chief executive of International Seaways, described the acquisition as an opportunity to strengthen the company’s fleet and advance its long-term growth plans.

The transaction, she said, would allow the company to “expand and modernize our fleet through this accretive transaction with Bruton.”

Zabrocky added that completing the acquisition would leave International Seaways positioned to continue pursuing its growth strategy, deliver attractive returns and build lasting value for shareholders.

The addition of four VLCCs could give the company greater capacity in the global oil shipping market, where large tankers play a crucial role in moving crude oil across international trade routes. With some vessels still being built, the deal also provides a route to fleet expansion beyond simply acquiring ships already in service.

International Seaways Projects Strong Third-Quarter Results

Alongside announcing the acquisition, International Seaways said it expects shipping revenue of up to $490 million for the third quarter of the year. The company also forecast net income of as much as $350 million.

Those projections provide a financial backdrop to the planned purchase as the company prepares to expand its fleet through the Bruton transaction.

The acquisition remains subject to the required shareholder approval and completion of its staged settlement process. If completed as planned, the deal will add four very large crude carriers to International Seaways’ operations and deepen its presence in the international tanker market.