Euronav has bought out International Seaways’s holdings in two FSOs. The two converted ULCCs, the FSO Asia and FSO Africa, were purchased at $300m in total having previously been a 50:50 joint venture between the two tanker giants.
The transaction has been approved by North Oil Company (NOC), the operator of the Al Shaheen field, whose shareholders are Qatar Petroleum Oil & Gas Limited and Total E&P Golfe Limited. Both vessels have been working at the Al Shaheen field for the last 12 years.
The current contract for these two custom-made units with a capacity of 3 million barrels runs until Q3 2022. Following this, they will switch to a new contract that was agreed with NOC in 2020. This contract covers a 10-year extension for the FSO Asia and the FSO Africa in direct continuation of their current contractual service until Q3 2032.
