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Euronav sells VLCC for $45m to be converted to an FPSO

Euronav sells VLCC for $45m to be converted to an FPSO
Euronav has sold a 13-year old VLCC for $45m for conversion to an FPSO.

The 305,688 dwt, 2004-built, Flandre has been sold for $45m by Euronav to an undisclosed operator of floating offshore platforms. The VLCC was the oldest in the company's fleet and it will book a $20.3m gain from the sale.

Euronav noted that with the vessel to be converted to a VLCC it would be removed from the global tanker fleet.

Euronav ceo Paddy Rodgers said that the sale achieved two objectives for the company. “Firstly, it profitably assists our fleet renewal program by 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," he said.