Euronav, Bretta Tanker terminate Suezmax JV

Euronav NV (NYSE: EURN & Euronext: EURN) has agreed with Bretta Tanker Holdings Inc. to terminate its Suezmax joint venture. The joint venture covers four Suezmax vessels: the Captain Michael, the Maria, the Eugenie, and the Devon.

Euronav will assume full ownership of the two youngest vessels, the Captain Michael and the Maria, and Bretta will assume full ownership of the Eugenie and the Devon. Euronav will compensate its partner for the difference in value due to the younger age profile of the ships it will own as well as the voyages in progress and will pay Bretta the sum of US$15.1 million upon closing the transaction which is foreseen to take place in the current quarter.

Additionally, John Michael Radziwill has resigned from the Board of Directors of Euronav with immediate effect.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...