August 20, 2010
Maersk Oil Qatar inks new contract for giant FSO
Euronav NV (NYSE EURONEXT BRUSSELS: EURN) announced today that TI Africa Ltd., the owner of FSO Africa, has signed a new contract with Maersk Oil Qatar AS (MOQ) for the provision of FSO (floating storage and offloading) services on the Al Shaheen field offshore Qatar.
Within the limits of its confidentiality obligations, Euronav disclosed that the contract has a duration of three years beginning end of August. The rate consists of a base rate which will increase if and when more capacity and features of the FSO are requested by MOQ.
FSO Africa and its sister vessel, FSO Asia, are the two largest and most sophisticated double-hulled FSOs in the world. They are owned by joint venture companies in which OSG and Euronav each have a 50% interest.
They were converted from two 2002-built double hull Ultra Large Crude Carriers (ULCC) tankers of 442,000 dwt each.