Euronav Announces Convertible Bond Offering Increased to USD 150 Million

Antwerp, Belgium, September 20, 2009 --( Following the placement of its fixed rate senior unsecured convertible bonds, due 2015 (the "Bonds") on Friday 4 September 2009, Euronav NV announces that due to additional demand from existing investors, the company has increased the size of the bond offering by an amount of USD 25 million, which amount has been fully subscribed yesterday night after close of the stock exchange. An additional 250 Bonds will be issued at identical conditions as outlined in the press release of 4 September 2009.

If all of the Bonds were to be converted into new ordinary shares at the initial conversion price, 6,474,307 new ordinary shares would be issued, representing 11.12 % of Euronav’s share capital on a fully diluted basis.

The net proceeds from the issue of the Bonds will be used by Euronav to diversify its funding sources, strengthen its balance sheet liquidity, general corporate and working capital purposes as well as to fund potential acquisitions that may arise in the future.

The Bonds were placed with institutional investors (outside the United States) by HSBC Bank plc, acting as lead manager in connection with the Offering, ING Belgium SA/NV acting as co-manager and Clarkson Investment Services Limited acting as placing agent.

Payment for and issue of the Bonds is expected to be on or about 24 September 2009. On or before such time an offering circular will be made available by Euronav.

Application is intended to be made for the admission of the Bonds to the official list of the Luxembourg Stock Exchange and for the admission of the Bonds to trading on the Luxembourg Stock Exchange’s Euro MTF Market.

Euronav NV
Jane Finlay
+44 (0)1689 860660