FSO Africa update

Antwerp, Belgium, 22 January 2010 – Euronav NV (EURONEXT BRUSSELS: EURN) 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.

Euronav is one of the world's leading independent tanker companies engaged in the ocean transportation of crude oil and petroleum products. The Company's modern fleet consists of interests in 23 very large crude carriers (VLCC) and ultra large crude carriers (ULCC), of which 10 vessels are chartered in from third parties either directly or jointly with partners. 19 VLCCs and 1 ULCC are managed in the Tankers International pool of which Euronav is one of the major partners. 1 ULCC is currently being converted to FSO and another converted ULCC has been delivered. Euronav owns and also operates 18 Suezmaxes. Euronav also has now a further 6 Suezmaxes (4 of which in JV) and 1 VLCC on order.

Euronav NV press release