EURONAV ENTERS FSO MARKET

ANTWERP, 28 February 2008 – The executive committee of Euronav NV (EURONEXTBRUSSELS: EURN) is pleased to announce that Maersk Oil Qatar AS has awarded two contracts for the provision of Floating Storage and Offloading (‘FSO’) services on the Al Shaheen field off shore Qatar. The award has been made in favor of a joint venture between Euronav NV and Overseas Shipholding Group. Within the limits of its confidentiality obligations, the company can disclose that the award of the contracts for eight years is to be performed by two vessels, the TI Asia (2002) and the TI Africa (2002), both double hull
tankers with 442,000 deadweight tones, the largest ships of this type in the world and currently respectively in the ownership of Euronav and OSG.

The Contracts will call for extensive conversion and the vessels will commence the provision of FSO services in July and September of 2009.

ABOUT EURONAV:
Euronav NV (EURONEXT BRUSSELS: EURN), is one of the world's leading independent tanker companies engaged in the ocean transportation of crude oil. As an integrated owner, operator and manager of modern, double-hulled VLCC and Suezmax tankers, Euronav provides complete shipping services in addition to the safe, reliable and efficient shipping of crude oil worldwide. More information is available at www.euronav.com.

ABOUT OSG:
Overseas Shipholding Group, Inc. (NYSE: OSG), a Dow Jones Transportation Index company, is one of the largest publicly traded tanker companies in the world. As a market leader in global energy transportation services for crude oil and petroleum products in the U.S. and International Flag markets, OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world's most customer-focused marine transportation companies and is headquartered
in New York City, NY. More information is available at www.osg.com.

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Ian Matheson

Euronav is an integrated owner, operator and manager able to provide complete shipping services in addition to the carriage of crude oil on its fleet of modern large tankers. The crude oil sea-borne transportation market is cyclical and highly volatile requiring flexible and proactive management of assets in terms of fleet composition and employment. Euronav operates its fleet on both the spot and the period market. Most of Euronav VLCCs as well as all VPLUS are operated in the Tankers International pool. Euronav operates at the moment all of its Suezmaxes and Aframaxes under period charter contracts with oil majors, leading refiners and oil traders such as BP, Glencore, Petrobras, Sun Oil, Total Valero and Vitol. Fleet management is conducted by three wholly owned subsidiaries: Euronav Ship Management SAS and Euronav SAS, both French companies with headquarters in Nantes (France) and with a major branch office in Antwerp and Euronav Ship Management (Hellas) Ltd with its head office in Piraeus, Greece. The skills of its directly employed seagoing officers, shore-based Captains and Engineers give Euronav a competitive edge in high quality design, maintenance and operation. Euronav vessels fly Belgian, Greek and French flag. The use of national flag together with operational and maintenance standards in terms of age, appearance and performance which are higher than industry norms enables Euronav to employ part of its fleet on long-term charter with fixed earnings to secure financial visibility.

This release was published on openPR.