Seaspan (NYSE: SSW) To Purchase Up to 10 Million of its Class A Common Shares

Tallahassee, FL 12/13/11 (StreetBeat) -- Seaspan Corporation (NYSE: SSW) announced today the commencement of a tender offer to purchase up to 10,000,000 of its Class A common shares at a price of $15.00 per share, representing a 43.5% premium to the December 12, 2011 closing price of $10.45 per share for Seaspan's shares on the New York Stock Exchange. The tender offer is expected to expire at 12:00 midnight, New York City time, on Wednesday, January 11, 2012, unless extended. In accordance with the rules of the Securities and Exchange Commission, Seaspan may increase the number of shares accepted in the offer by no more than two percent of the outstanding shares without amending or extending the tender offer.

Gerry Wang, Chief Executive Officer, Co-Chairman, and Co-Founder of Seaspan, commented, "We are pleased to announce this tender offer, which reflects our confidence in the Company's future prospects and we believe is an efficient way of returning capital to shareholders and increasing long-term shareholder value."
Seaspan's directors and executive officers have advised Seaspan that they do not intend to tender their shares in the tender offer.

The tender offer is not conditioned upon any minimum number of shares being tendered, but will be subject to other conditions that are described in the offer to purchase. Seaspan intends to fund share purchases in the tender offer with cash on hand.

Citigroup will serve as dealer manager for the tender offer. The information agent for the tender offer is Georgeson Inc., and the depositary is American Stock Transfer & Trust Company, LLC. The offer to purchase, the letter of transmittal and the related materials are being mailed to Seaspan shareholders.

While Seaspan's board of directors has approved the making of the tender offer, none of Seaspan, its board of directors, the dealer manager, the depositary or the information agent makes any recommendation to any shareholder as to whether to tender or refrain from tendering any shares. Seaspan has not authorized any person to make any such recommendation. Shareholders must decide whether to tender their shares and, if so, how many shares to tender. In doing so, shareholders should carefully evaluate all of the information in the offer to purchase, the letter of transmittal and the related materials before making any decision with respect to the tender offer and should consult their own financial and tax advisors.

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