International Seaways has agreed to acquire Bruton Limited, a Bermuda-registered owner of very large crude carriers whose shares trade on Euronext Growth Oslo, in a series of mainly share-based transactions valuing Bruton at about US$370m, the companies said on 16 October.
Why International Seaways, Inc. is buying Bruton Limited
The deal adds Bruton's four VLCCs, including newbuildings, to International Seaways' diversified fleet of about 70 crude and product tankers. Chief executive Lois Zabrocky said the transaction would expand and modernise the fleet and be accretive.
Deal terms and financing
Bruton holders of about 50.5% of its shares, including Drew Holdings and Koch, will exchange each share for 0.0519 International Seaways shares in a private transaction expected to settle around 20 October. The remaining shares will be acquired by merger: holders of more than 10,000 shares receive International Seaways stock at the same ratio, and holders of 10,000 or fewer receive the NOK equivalent of US$6.3044 a share in cash. International Seaways expects to issue about 3.12m shares, about 96% of the total consideration.
Regulatory approvals and timing
The merger needs approval at a Bruton special general meeting on or about 30 October; the exchanging holders have agreed to vote in favour. Bruton's board unanimously recommended the deal and received a fairness opinion from Pareto Securities. Completion is expected in early November 2026.
Market context
International Seaways also published preliminary third-quarter results, forecasting net income of about US$340m-350m on shipping revenue of about US$480m-490m.
