Tankship Sold For Conversion to FPSO

Press Release
Wednesday, October 24, 2012

Belgian owners, Euronav NV, of  the VLCC 'Algarve' announce its delivery to the new owner for conversion.

The 298,969 dwt VLCC Algarve, built in 1999, was sold for USD 35,875,000 yielding Euronav a capital gain of USD 7.3 million which will be recorded, whilst the net cash proceeds available to the company after the mandatory repayment of its debt obligation will be USD 17.3 million.

The ship will be converted to a FPSO (Floating Storage Production & Offloading) vessel by her new owner and will therefore leave the worldwide VLCC trading fleet.

The firm price of this sale reflects on the company’s strategy to have set up an offshore department last year capable of understanding the needs of potential offshore buyers as well as having always maintained the ship well above industry standards.

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