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Euronav-International Seaways JV clinches 10-year FSOs contract extension

Photo: Euronav fso asia.jpg
FSO Asia
The Euronav-International Seaways joint venture has clinched a 10-year extension of contracts for two FSOs currently working for Qatar-based North Oil Company (NOC).

The FSO Asia and FSO Africa will continue their current contractual service until 21 July 2032 and 21 September 2032, respectively, at the Al-Shaheen oil field operated by NOC.

The additional 10 years are expected to generate revenues for the joint venture in excess of $645m. New York-listed Euronav said it expects more than $322m in contract revenues based on its ownership in the joint venture.

“This is a positive development for Euronav and these contracts provide the company with a significant source of long-term earnings visibility. 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,” said Hugo De Stoop, ceo of Euronav.

FSO Asia and FSO Africa, two custom-made high specification three million barrels capacity units, have been serving the Al-Shaheen field without interruption since 2010.

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