Euronav NV: Sale of the VLCC Famenne

Jan 20, 2016, 12:02 ET from Euronav NV

ANTWERP, Belgium, January 20, 2016 /PRNewswire/ --

Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav" or the "Company") today announces that the Company sold the VLCC Famenne (2001 - 298,412 dwt), one of its two oldest VLCC vessels, for USD 38.4 million. The vessel is wholly owned by Euronav.

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The capital gain on that sale of about USD 13.8 million will be recorded at delivery. Following the sale, the availability of the revolver under the USD 750 million facility will be reduced by USD 23.7 million. The vessel is expected to be delivered to its new owner in the course of the first quarter 2016.

Announcement of fourth quarter results 2015: Thursday 28 January 2016 

About Euronav 

Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil and petroleum products. The Company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav's owned and operated fleet consists of 56 double hulled vessels being one V-Plus vessel, 28 VLCCs (of which 1 in 50%-50% joint venture), three VLCCs under construction which were recently acquired as resales of existing newbuilding contracts, 22 Suezmaxes (of which four are owned in 50%-50% joint ventures) and two FSO vessels (both owned in 50%-50% joint venture). The Company's vessels mainly fly Belgian, Greek, French and Marshall Island flags.

Regulated information within the meaning of the Royal Decree of 14 November 2007.