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EURONAV ANNOUNCES NEW USD 500 MILLION CREDIT FACILITY FOR FSO PROJECT

10-15-2008 12:47 PM CET | Logistics & Transport

Press release from: Euronav NV

ANTWERP, 13 October 2008 – The executive committee of Euronav NV (EURONEXT BRUSSELS: EURN) is pleased to announce that it has jointly with Overseas Shipholding Group Inc. (NYSE: OSG) signed a USD 500 million senior secured facility with ING, Fokus Bank, Fortis Bank (Belgium), Sumitomo Mitsui Banking Corporation, BNP Paribas and Nordea, acting as Lead arrangers and ING as global coordinator and facility agent and Danish Ship Finance, Deutsche Schiffsbank, Dexia Bank, Scotia Bank and Helaba Landesbank Hessen-Thuringen acting as co-arrangers.
The credit facility consists of a USD 180 million term loan to finance the acquisition of TI Asia (2002) and TI Africa (2002) by joint venture companies owned equally by Euronav and OSG and USD 320 million term loan to finance the conversion of the ships into FSO (Floating Storage Offloading) service vessels, which are scheduled to deliver to Maersk Oil Qatar on the Al Shaheen field offshore Qatar and start operation respectively on July and September 2009.
The credit facilities have 8 year maturity as from the date of deliveries of each of the 2 vessels on site. Borrowings under this facility bear interest at a rate based on LIBOR plus an attractive margin.
Euronav and OSG’s success at securing this bank facility during such a difficult financial market emphasizes not only the strength of the project and the charterer but also the strong support these banks have placed in both Euronav and OSG and which both companies sincerely appreciate.

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, petroleum products and gas 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.

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.

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