FSO Project Update

Euronav NV (EURONEXT BRUSSELS: EURN) provided an update today on the FSO Asia, a Floating Storage and Offloading (FSO) service vessel owned by the joint venture in which OSG and Euronav NV each has a 50% interest.

Antwerp, Belgium, December 05, 2009 --(PR.com)-- After extensive commissioning in the yard, the vessel was redelivered to the joint venture and arrived at the Al Shaheen oilfield offshore Qatar on November 17, 2009. The planned hook-up of the vessel on site was prevented by bad weather and while delayed, further commissioning tests were conducted on board. During one of those tests a hose reel, one of several redundant systems that enable oil to be offloaded from the FSO to an export vessel, was damaged. The joint venture and Maersk Oil Qatar AS (MOQ) agreed to return the vessel to the conversion yard in Dubai to perform the required repairs, which is expected to take 10 days. MOQ has extended the provisional delivery date of the FSO Asia until December 15, 2009.

Euronav NV
Jane Finlay
+44 (0)1689 860660