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Euronav sells VLCC Flandre for USD 45 million for offshore project

Antwerp, Belgium - 5 December 2017

Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) is pleased to announce that the Company has sold the VLCC Flandre (2004 – 305,688 dwt) for USD 45 million to a global supplier and operator of offshore floating platforms. The Flandreis wholly owned by Euronav and following the recent sale of the Artois (2001 – 298,330 dwt) is the oldest vessel in the Company’s VLCC fleet.

A capital gain of approximately USD 20.3 million on the sale will be recorded in the current quarter. The vessel is expected to be delivered in December 2017 and will be converted in an FPSO by her new owner and will therefore leave the worldwide VLCC trading fleet.

Paddy Rodgers, CEO of Euronav said: “This is a remarkable accomplishment for Euronav and simultaneously achieves two key objectives for the Company. Firstly, it profitably assists our fleet renewal programby reducing the age of our fleet and will allow capital to be recycled into modern tonnage. Secondly, this is the seventh vessel we have successfully introduced into an offshore project, further demonstrating our reputation for providing high quality operational tonnage for the offshore sector.”

About Euronav
Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The Company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE unde r 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 54 double hulled vessels being 1 V - Plus vessel, 29 VLCCs, 18 Suezmaxes, four Suezmaxes under construction 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

Euronav NV press release