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Fso Asia News

08 Jun 2022

International Seaways Sells Stake in Al Shaheen Oil Field FSOs to Euronav

FSO Asia - Credit: Euronav

Oil tanker operator International Seaways has sold its 50% stake in two floating storage and offshore (FSO) vessels, the FSO Asia and FSO Africa, to its joint venture partner Euronav NV. The purchase price values the two FSO vessels at $300 million in total. Net of adjustments for working capital and expenses, International Seaways received approximately $140 million in cash from the sale.The transaction has been approved by North Oil Company (“NOC”), the operator of the Al Shaheen offshore oil field in Qatar, whose shareholders are Qatar Energy and Total E&P Golfe Limited.

27 Apr 2018

International Seaways Funds FSO Joint Ventures

International Seaways announced that its joint ventures with Euronav NV, which own the FSO Africa and FSO Asia floating storage and offloading service vessels, have closed on a $220 million credit facility. Based on INSW’s 50% ownership in the joint ventures, the Company has received $110 million in proceeds from the drawdown of the facility, which it expects to use for general corporate purposes, including to partially fund the previously announced VLCC acquisition. “With the $110 million term loan, International Seaways has further enhanced our financial flexibility while maintaining overall balance sheet strength,” said Lois K. Zabrocky, INSW’s President and CEO. Ms.

26 Apr 2018

Euronav Secures Loan for Four Ice-class Suezmaxes

Tanker shipping company Euronav has secured a loan facility providing financing for four ice-class suezmax newbuildings under construction by Hyundai Samho Heavy Industries Co., Ltd., two of which have recently been delivered with the remaining two scheduled for delivery later in 2018.Watson Farley & Williams LLP (WFW) said it acted for Crédit Agricole Corporate & Investment Bank in relation to a $173.5 million loan facility for Euronav NV signed on March 22, 2018. The commercial lenders were Crédit Agricole Corporate & Investment Bank, BNP Paribas Fortis SA/NV and Sea Bridge Finance Limited and The Export-Import Bank of Korea acted as ECA lender.WFW also acted for ING Belgium SA/NV on a $220 million loan facility for Euronav and International Seaways signed on March 29…

18 May 2017

Euronav Bags Five-Year FSO Deals

Euronav's joint venture with International Seaways (INSW) has signed a contract for five years for the FSO Africa and FSO Asia in direct continuation of the current contractual service. The contract was signed with North Oil Company (NOC), the future operator of the Al-Shaheen oil field, whose shareholders are Qatar Petroleum Oil & Gas Limited and Total E&P Golfe Limited. The new contracts for these custom-made 3 million barrels capacity units which have been significantly converted and that have been serving the Al-Shaheen field without interruption since 2010 will have a duration of five years starting at the expiry of the existing contracts with Maersk Oil Qatar. The existing contracts will remain in force until expiry in the third quarter of 2017.

29 Aug 2013

Euronav: Extension of FSO Financing

Euronav Eugenie

Euronav announced that it has, jointly with Overseas Shipholding Group, Inc., signed a two-year extension of the tranche related to the FSO Africa (the Africa Tranche), part of the $500 million senior secured credit facility originally signed in October 2008. At the time of the extension, $ 45 million was outstanding in respect of the Africa Tranche. At its new maturity (now scheduled for August 2015), the Africa Tranche will be fully repaid. The tranche related to the FSO Asia (part of the same facility) will continue to run until its original maturity in 2017.

05 Oct 2012

Maersk Oil Qatar Charter 'FSO Africa'

'FSO Africa', owned by TI Africa, on long-term contract to Maersk Oil Qatar (MOQ) for services on the Al Shaheen Field. The contract has a fixed duration of five years from 1 October 2012 with an option granted to MOQ to extend the contract period for either one or two years. FSO Asia has been operating on the Al Shaheen field for two and a half years and FSO Africa for over two years. The vessels continue to operate at a high level of performance in terms of quality of oil produced and without incurrence of off-hire since their respective in- service dates. FSO Africa and FSO Asia are the two largest and most sophisticated double-hulled FSOs in the world. They are owned by joint venture companies in which Overseas Shipholding Group, Inc. and Euronav each have a 50% interest.

04 Oct 2012

OSG's FSO Joint Venture signs New Agreement

Overseas Shipholding Group, Inc. has announced that a new service agreement has been signed with Maersk Oil Qatar AS ("MOQ") for FSO Africa, a floating storage and offloading service vessel (FSO) jointly owned by OSG and Euronav N.V. (Euronext Brussels: EURN). The new agreement, which supersedes the previous FSO Africa contract, has a firm term of five years commencing October 1, 2012 and provides MOQ with an extension option for an additional term of either one or two years. In addition to the extension of the minimum contract term by over four years, the new agreement provides for an increase in the daily hire rate earned in each firm contract year to the same daily hire rate schedule as for the existing MOQ service contract for FSO Asia, its sister vessel.

02 Oct 2012

FSO Africa Signs New Agreement

Euronav has announce that TI Africa Limited, the owner of FSO Africa, has signed a new agreement with Maersk Oil Qatar AS (MOQ) for the provision of FSO services on the Al Shaheen field offshore Qatar. The contract has a fixed duration of five years beginning 1 October 2012 with an option granted to MOQ to extend the contract period for either one or two years. The new agreement extends to MOQ use of the full capacity and functionality against an increase of the daily hire earned in each contract year equal to the daily hire rate schedule of the existing service contract for FSO Asia, its sister vessel. FSO Asia has been operating on the Al Shaheen field for two and a half years and FSO Africa for over two years.

29 Mar 2011

EURONAV NV Announces Final Year Results 2010

The time charter party of the Cap Victor (2007 -158,853 dwt) with BP and the time charter party of  the Fraternity  (2009 – 157,714 dwt) with Vitol have been extended with 24 and 12 months respectively. On 10 February 2010, the company took delivery of the newbuilding Suezmax Eugenie (2010 – 157,677 dwt)  from Samsung Heavy  Industries, Koje  Island, South Korea. The vessel, which  is owned 50%-50% in joint venture with JM Maritime, is being operated on the spot market. The  storage  contract of  the V-plus TI Europe  (2002 – 441…

19 Jan 2011

EURONAV Q4 2010 Results

The executive committee of Euronav NV (NYSE EURONEXT BRUSSELS: EURN) reported its preliminary non-audited financial results for the fourth quarter and full year 2010. The company had a net result of USD -17.6 million (fourth quarter 2009: USD -23.6 million) for the three months ended 31st December 2010 or USD -0.35 per share (fourth quarter 2009: USD -0.47 per share). EBITDA was USD 34.5 million (fourth quarter 2009: USD 34.3 million). For the full year ending 31 December 2010, the net results before deferred tax are USD 20.2 million (2009: USD -17.6 million) or USD 0.40 per share (2009: USD -0.35 per share). The average daily time charter equivalent rates (TCE) obtained by the company’s fleet in the Tankers International (TI) pool was for the fourth quarter approximately USD 17…

01 Dec 2010

Clarkson Supports V-Plus Conversions

Clarkson Technical Services (CTS) provided staff and know-how to the Euronav / OSG joint venture as they converted the FSO Asia and her sister ship FSO Africa from ULCCs to FSOs. They are now two of the largest and most sophisticated double-hulled FSOs in the world. Euronav / OSG announced their plans to convert the vessels into stationary FSOs back in February 2008, by August 2010 both were fully operational and stationed in the Al Shaheen oilfield near Qatar. The FSO Africa and FSO Asia are two of four sister ships; All were launched in 2002/2003 and went straight into the record books as the first double-hulled ULCCs. At 441,500 DWT with a cargo capacity of more than 3 million barrels, they were the largest ocean-going ships in the world and even had their own size designation V-Plus.