Scorpio Tankers Inc. (NYSE: STNG) (the "Company") announced today an update on its Securities Repurchase Program and delivery of two LR2 product tankers.

$250 Million Securities Repurchase Program

So far during the month of August 2015, the Company has purchased 1,716,155 of its common shares in the open market at an average price of $10.48 per share.

Since the $250 Million Securities Repurchase Program was authorized by the Company's Board of Directors at the end of May 2015, the Company has acquired the following:

an aggregate of 1,986,504 of its common shares at an average price of $10.42 per share.
$1.5 million face value of its Convertible Senior Notes Due 2019 at an average price of $1,088.10 per $1,000 principal amount.
The Company has $227.6 million remaining under its securities buyback program as of the date of this press release. The acquired common shares are being held as treasury shares. The Company expects to repurchase any securities in the open market, at times and prices that are considered to be appropriate by the Company, but is not obligated under the terms of the program to repurchase any securities.

Delivery of LR2 Product Tankers

The Company took delivery of two LR2 product tankers in August 2015:

STI Lombard was delivered from Daehan Shipbuilding Co., Ltd. under the previously announced bareboat charter-in agreement for $10,000 per day. Upon delivery, this vessel began a voyage for 45 days at approximately $45,000 per day.
STI Kingsway was delivered from Sungdong Shipbuilding and Marine Engineering Co., Ltd. Upon delivery, this vessel began a voyage for 46 days at approximately $45,000 per day.

Source: Scorpio Tankers