Splash 247

Euronav JV secures five-year FSO contract extensions

Euronav JV secures five-year FSO contract extensions

Array
(
    [0] => WP_Term Object
        (
            [term_id] => 70
            [name] => Europe
            [slug] => europe
            [term_group] => 0
            [term_taxonomy_id] => 70
            [taxonomy] => category
            [description] => Stay updated on what's going on in Europe by browsing the European region news archive. Find the latest maritime, offshore and shipping news on Splash 24/7.

Find here the updated list of the latest news about the European region. Browse Splash 24/7 for more maritime and shipping news.
            [parent] => 55
            [count] => 4883
            [filter] => raw
            [cat_ID] => 70
            [category_count] => 4883
            [category_description] => Stay updated on what's going on in Europe by browsing the European region news archive. Find the latest maritime, offshore and shipping news on Splash 24/7.

Find here the updated list of the latest news about the European region. Browse Splash 24/7 for more maritime and shipping news.
            [cat_name] => Europe
            [category_nicename] => europe
            [category_parent] => 55
        )

    [1] => WP_Term Object
        (
            [term_id] => 60
            [name] => Offshore
            [slug] => offshore
            [term_group] => 0
            [term_taxonomy_id] => 60
            [taxonomy] => category
            [description] => Stay updated on what's going on in the offshore industry by browsing the offshore news archive. Find the latest maritime and shipping news on Splash 24/7.

Read the latest news about offshore. Browse Splash 24/7 for more maritime and shipping news.

            [parent] => 54
            [count] => 3406
            [filter] => raw
            [cat_ID] => 60
            [category_count] => 3406
            [category_description] => Stay updated on what's going on in the offshore industry by browsing the offshore news archive. Find the latest maritime and shipping news on Splash 24/7.

Read the latest news about offshore. Browse Splash 24/7 for more maritime and shipping news.

            [cat_name] => Offshore
            [category_nicename] => offshore
            [category_parent] => 54
        )

    [2] => WP_Term Object
        (
            [term_id] => 58
            [name] => Tankers
            [slug] => tankers
            [term_group] => 0
            [term_taxonomy_id] => 58
            [taxonomy] => category
            [description] => Stay updated on what's going on in the shipping and tankers sector by browsing the tankers news archive. Find the latest maritime and shipping news on Splash 24/7.

Find here the updated list of the latest news about tankers. Browse Splash 24/7 for more maritime and shipping news.

            [parent] => 54
            [count] => 1471
            [filter] => raw
            [cat_ID] => 58
            [category_count] => 1471
            [category_description] => Stay updated on what's going on in the shipping and tankers sector by browsing the tankers news archive. Find the latest maritime and shipping news on Splash 24/7.

Find here the updated list of the latest news about tankers. Browse Splash 24/7 for more maritime and shipping news.

            [cat_name] => Tankers
            [category_nicename] => tankers
            [category_parent] => 54
        )

)

Euronav has announced that its 50% owned joint venture with International Seaways has signed a five-year contract with North Oil Company, the future operator of the Al-Shaheen oil field for the FSO Africa and FSO Asia, in direct continuation of the current contractual service.

The two FSOs have been serving the Al-Shaheen field without interruption since 2010. The new contracts will start at the expiry of the existing contracts with Maersk Oil Qatar in the third quarter of 2017.

Euronav said the new contracts are expected to generate EBITDA in excess of $360m for the jv, which will be debt free from July 2017.

“We are pleased as these contracts provide Euronav with an additional degree of high quality earnings visibility. Combined with our underlying time charter portfolio, this provides Euronav with a solid base of fixed income,” said Paddy Rodgers, CEO of Euronav.

Rodgers said in an interview with Maritime CEO in April that the company has around $600m ready to bolster its 55-strong fleet and has its eyes on cheap secondhand tonnage.

Share this article

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

Related Posts