Euronav and International Seaways FSO pair awarded ten-year extensions

A joint venture between Belgian owner Euronav and US owner International Seaways has been awarded a ten-year extension by North Oil Company (NOC) for the FSO Asia and FSO Africa in direct continuation of their current contracts.

NOC, the operator of the Al-Shaheen oil field which is owned by Qatar Petroleum and Total, will now keep the FSOs contracted until July 2032 and September 2032 respectively.

The two FSO have been operating at the field since 2010, and the new extension contract is worth in excess of $645m.

Hugo De Stoop, CEO of Euronav, commented: “This is a positive development for Euronav and these contracts provide the Company with a significant source of long-term earnings visibility. These operational units have already provided substantial value to our customer since 2010 and this long-term commitment from NOC reflects the high quality of service provided over that time. This project illustrates our capability in diversifying our activities beyond the traditional crude oil transportation sector in managing complex, long term projects focused on generating superior returns on capital.”