NEW YORK--(BUSINESS WIRE)--
International Seaways, Inc. (NYSE:INSW) (the “Company” or “INSW”)
announced today that the joint venture with Euronav NV (NYSE: EURN &
Euronext: EURN) has received a letter of award in relation to a contract
for five years for the service of the FSO Africa and FSO Asia in direct
continuation of the current contractual service. The letter of award was
received from North Oil Company, the future operator of the Al Shaheen
oil field, whose shareholders are Qatar Petroleum Oil & Gas Limited and
Total E&P Golfe Limited. This award is subject to successful negotiation
and documentation of the services contracts. The intent is that the new
contracts for these custom-made floating storage and offloading (FSO)
service vessels, each having a capacity of three million barrels, 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 their expiry in the third quarter of 2017.
If negotiations and documentation are successfully concluded, the new
contracts are expected over their full duration to generate revenues for
the joint venture in excess of $360 million, excluding reimbursement for
agreed operating expenses, which will be dealt with on an open book
basis. The signing of definitive services contracts remains subject to
the resolution of substantive business terms and conditions, and no
assurance can be given that such resolution will be achieved.
About International Seaways, Inc.
International Seaways, Inc. (NYSE: INSW) is one of the largest tanker
companies worldwide providing energy transportation services for crude
oil and petroleum products in International Flag markets. International
Seaways owns and operates a fleet of 55 vessels, including one ULCC,
eight VLCCs, eight Aframaxes/LR2s, 12 Panamaxes/LR1s and 20 MR tankers.
Through joint ventures, it has ownership interests in four liquefied
natural gas carriers and two floating storage and offloading service
vessels. International Seaways has an experienced team committed to the
very best operating practices and the highest levels of customer service
and operational efficiency. International Seaways is headquartered in
New York City, NY. Additional information is available at www.intlseas.com.
Forward-Looking Statements
This release contains forward-looking statements. In addition, the
Company may make or approve certain statements in future filings with
the Securities and Exchange Commission (SEC), in press releases, or in
oral or written presentations by representatives of each of the
Companies. All statements other than statements of historical facts
should be considered forward-looking statements. These matters or
statements may relate to each of the Company’s plans to issue dividends,
its prospects, including statements regarding trends in the tanker
markets, and possibilities of strategic alliances and investments.
Forward-looking statements are based on each of the Company’s current
plans, estimates and projections, and are subject to change based on a
number of factors. Investors should carefully consider the risk factors
outlined in more detail in the Registration Statement on Form 10 and in
similar sections of other filings made by the Company with the SEC from
time to time. The Company assumes no obligation to update or revise any
forward-looking statements. Forward-looking statements and written and
oral forward looking statements attributable to the Company or its
representatives after the date of this release are qualified in their
entirety by the cautionary statements contained in this paragraph and in
other reports previously or hereafter filed by the Company with the SEC.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161222005749/en/
Investor Relations & Media:
International Seaways, Inc.
Brian
Tanner, 212-578-1645
btanner@intlseas.com
Source: International Seaways, Inc.