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BRIEF-Euronav JV with International Seaways to continue current contractual service FSOs Africa & Asia
May 17, 2017 / 4:52 AM / 7 months ago

BRIEF-Euronav JV with International Seaways to continue current contractual service FSOs Africa & Asia

May 17 (Reuters) - EURONAV NV

* SAYS JV WITH INTERNATIONAL SEAWAYS HAS SIGNED CONTRACT FOR 5 YEARS FOR THE FSO AFRICA AND FSO ASIA IN DIRECT CONTINUATION OF THE CURRENT CONTRACTUAL SERVICE

* CONTRACT WAS SIGNED WITH NORTH OIL COMPANY (“NOC”), THE FUTURE OPERATOR OF THE AL-SHAHEEN OIL FIELD

* NEW CONTRACTS ARE EXPECTED OVER THEIR FULL DURATION TO GENERATE EBITDA IN EXCESS OF USD 360 MILLION FOR THE JOINT VENTURES

* NEW CONTRACTS WILL HAVE A DURATION OF FIVE YEARS STARTING AT THE EXPIRY OF THE EXISTING CONTRACTS WITH MAERSK OIL QATAR

* BASED ON EURONAV'S 50% OWNERSHIP IN THE JOINT VENTURES THE FIVE YEAR CONTRACTS ARE EXPECTED TO GENERATE IN EXCESS OF USD 180 MILLION OF EBITDA FOR THE COMPANY Source text: bit.ly/2qqHNAx Further company coverage: (Gdynia Newsroom)

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