Euronav takes full control of two giant FSOs

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.