Sale and leaseback of three VLCCs

Antwerp, Belgium, 2nd of January 2020

Euronav NV (NYSE: EURN &Euronext: EURN) (“Euronav” or the “Company”) announces today that it has entered into a sale and leaseback agreement for three VLCC vessels with Taiping & Sinopec Financial Leasing Ltd Co.

The three VLCCs are the Nautica (2008–307,284), Nectar (2008–307,284) and Noble (2008–307,284), which were all built in the Dalian shipyard. The vessels were sold for anet en-bloc purchase price of USD 126 million.

The transaction produced a capital gain of about USD 23.0 million and willbe booked as an operating lease under IFRS. After repayment of the existing debt, the transaction generated USD 66.6 million free cash.

The vessels were delivered to their new owners on 30 December 2019. Arctic acted as the sole financial advisor in this transaction. Euronav has leased back the threevesselsunder a 54-monthsbareboat contract1at an average rate of USD 20,681 per day per vessel. At the end of the bareboat contract, the vessels will be redelivered to their new owners. Euronav enjoys purchase options exercisable after the first year.

Euronav CEO Hugo De Stoop, said: “Euronav is pleased and honoured to have executed this transactionwith a leading Chinese counter party. Consistent with our approach on fleet renewal, we are securing anexcellent price for these vesselswhilst retaining the capability to recycle this cash into younger tonnage. At the same time we maintain our exposure to a freight market that is currently characterized by robust market fundamentals and which is, we believe, in the early stages of a sustained cycle of elevated cash flows.

About Euronav
Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The Company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE 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 and operated fleet consists of 2 ULCCs, 42 VLCCs, 27 Suezmaxes (of which 2 owned in 50%-50%joint venture)and 2 FSO vessels (both owned in 50%-50% joint venture).

Euronav NV press release