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EURONAV NV ANNOUNCES FINAL YEAR RESULTS 2007

03-14-2008 06:15 PM CET | Logistics & Transport

Press release from: EURONAV NV

Antwerp – 13th March 2008 - During its meeting, Euronav’s (EURONEXT BRUSSELS: EURN) board of directors approved the final consolidated financial statement for the period ended 31 December 2007:

The joint statutory auditors have confirmed that their audit work, which has substantially been completed, did not reveal any significant changes to be made to the financial information included in the press release.

At the date of the press release the total number of shares that the company bought back is 749,332.

The board of directors will propose to the annual general meeting of shareholders of Tuesday 29 April 2008, a total gross dividend for the financial year 2007 of EUR 0.80 (2006: EUR 1.68) per share. The board will also adopt a policy of considering paying an interim dividend after approving half year consolidated financial statements this year and in future years.

Euronav announced earlier that Maersk Oil Qatar AS has awarded two contracts in favor of a joint venture between Euronav NV and Overseas Shipholding Group for the provision of Floating Storage and Offloading (‘FSO’) services on the Al Shaheen field off shore Qatar. The contracts for eight years are to be performed by two vessels, the TI Asia (2002 - 441,893) and the TI Africa (2002 - 441,655). The Contracts will call for extensive conversion and the vessels will commence the provision of FSO services in July and September of 2009.

The Cap Felix (2008 - 159,000 dwt), a newbuilding Suezmax built at Samsung Heavy Industries in Korea, to be delivered in April 2008, has been fixed out on time charter contract to BP for a period of three years. The contract includes a floor rate and a profit sharing element in order to participate to any upside movement of the spot market.

The two newbuilding VLCCs (Hull 1925 and 1926) currently under construction at Hyundai Heavy Industries in Korea, with delivery foreseen in the first quarter 2009 have been chartered out to Total for a period of seven years. The time charter contract will start beginning of the second quarter of this year and will initially be performed by the Algarve (1999 – 298,969 dwt) and the Luxembourg (1999 – 299,150 dwt). These vessels will be replaced by the two aforementioned newbuilding VLCCs upon their delivery ex-yard. These contracts include a floor rate and a profit sharing element in order to participate to any upside movement of the spot market.

Finally, for the first quarter of 2008, the estimated average VLCC time charter equivalents rates of the Tankers International pool is USD 101,300/day. This estimate is based on 90% of available spot days already fixed in the first quarter.

FOR FULL PRESS RELEASE PLEASE GO TO EURONAV CORPORATE WEBSITE: www.euronav.com

Impress Communications Ltd
DMR House
8-10 Cleave Avenue,
Farnborough, Orpington
Kent BR6 7DR
UNITED KINGDOM

Tel: +44 (0) 1689 860660
Fax: +44 (0) 1689 818285
e-mail: info@impresscommunications.org
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.

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