NEW YORK--(BUSINESS WIRE)--
International Seaways, Inc. (NYSE:INSW) (the “Company” or “INSW”), one
of the largest tanker companies worldwide providing energy
transportation services for crude oil and petroleum products in
International Flag markets, today announced that its joint venture with
Euronav NV has signed two contracts for five years with North Oil
Company (NOC), the future operator of the Al Shaheen oil field, off the
coast of Qatar, whose shareholders are Qatar Petroleum Oil & Gas Limited
and Total E&P Golfe Limited. These contracts are for the FSO Africa and
FSO Asia and commence upon expiry of their current contracts with Maersk
Oil Qatar in the third quarter of 2017.
The FSO Africa and FSO Asia floating storage platforms are both high
specification, specially built units serving the Al Shaheen oil field
since 2010. In addition, the joint venture will be debt free from July
2017.
The new contracts are expected, over their five year terms, to generate
in excess of $360 million of EBITDA (earnings before interest, taxes,
depreciation and amortization) for the joint venture. Based on
International Seaways’ ownership in the joint venture, the five year
contracts are expected to generate in excess of $180 million of EBITDA
for the Company.
“We look forward to our FSO joint venture continuing its presence at Al
Shaheen and are pleased to have finalized the new five year contracts,”
said Lois K. Zabrocky, International Seaways’ president and CEO.
“Complementing our balanced fleet deployment strategy, this FSO joint
venture combined with the Company’s LNG joint venture position
International Seaways to optimize revenue through the current tanker
cycle. With a high quality, diverse tanker fleet and upside to the spot
market, the Company also remains poised to capitalize on a market
recovery in both the product and crude sectors.”
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 the Company. All
statements other than statements of historical facts should be
considered forward-looking statements. These matters or statements may
relate to the Company’s plans to issue dividends, its prospects,
including statements regarding trends in the tanker markets,
possibilities of strategic alliances and investments, and projections of
the amount of EBITDA to be generated in the future. Forward-looking
statements are based on 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 Annual Report on Form 10-K for the Company 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/20170516006288/en/
Investor Relations & Media:
International Seaways, Inc.
David
Siever, 212-578-1635
dsiever@intlseas.com
Source: International Seaways, Inc.