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

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).

Lee Hong Liang, Asia Correspondent

November 5, 2020

1 Min Read
fso asia
FSO AsiaPhoto: Euronav

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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About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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