FSO Africa Update

Euronav NV today announces that TI Africa Ltd, the joint venture in which OSG and Euronav NV each has a 50% interest, has received a notice of termination from Maersk Oil Qatar concerning the services contract related to the FSO Africa, a vessel currently under conversion to a Floating Storage and Offloading (FSO) service vessel.

The joint venture contests the termination notice and continues to believe that both FSOs remain a critical part of a multi-billion dollar field expansion at Al Shaheen. The joint venture will continue the conversion of the FSO Africa which is a first class asset and with the current buoyant market for oil and oil services will find employment either in the oil field expansion at Al Shaheen or in the many other offshore developments worldwide.

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