Capital increase for Maersk VLCC fleet acquisition approved

Antwerp, Belgium, 24 February 2014

With reference to the press release of 5 January 2014 in which Euronav announced the acquisition of fifteen (15) Very Large Crude Carriers (VLCC) from Maersk Tankers Singapore Pte Ltd. for a total acquisition price of USD 980 million, the company today announces that the meeting of shareholders has approved a USD 300,000,000 capital increase against issuance of 32,841,528 new shares.

That results in the following overview:



All other points on the agenda of the shareholders’ meeting were also approved.

Following the USD 50 million capital increase that took place on 13 January 2014 as well as the issue of a USD 235 million 7-year bond and the signing of a commitment letter for a USD 500 million senior secured credit facility earlier this month, this approval is the last step required for the full financing of the acquisition of the Maersk Tankers fleet.

The company further reports that on 20 February 2014 it has successfully taken delivery of the first vessel from Maersk: the Nautilus.

About Euronav
Euronav is one of the world's leading independent tanker companies engaged in the ocean transportation and storage of crude oil and petroleum products. The company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on NYSE Euronext Brussels under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners.

Euronav’s owned fleet, consists of 35 double hulled vessels being 1 V-Plus, 2 FSO vessels (both owned in 50%-50% joint venture), 10 VLCCs of which 1 in joint venture (including the VLCC Luxembourg which is already sold but will be delivered between May 2014 and mid-June) and 22 Suezmaxes (of which 4 in joint venture). Deliveries of the Maersk VLCCs will take place shortly, increasing the Euronav tanker fleet by 15 VLCCs. Euronav vessels mainly fly Belgian, Greek and French flag. More detailed information can be found on the company’s website: www.euronav.com

Euronav NV press release