International Seaways Announces Letter of Award for FSO Project

NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE:INSW) (the “Company” or “INSW”) announced today that the joint venture with Euronav NV (NYSE: EURN & Euronext: EURN) has received a letter of award in relation to a contract for five years for the service of the FSO Africa and FSO Asia in direct continuation of the current contractual service. The letter of award was received from North Oil Company, the future operator of the Al Shaheen oil field, whose shareholders are Qatar Petroleum Oil & Gas Limited and Total E&P Golfe Limited. This award is subject to successful negotiation and documentation of the services contracts. The intent is that the new contracts for these custom-made floating storage and offloading (FSO) service vessels, each having a capacity of three million barrels, that have been serving the Al Shaheen field without interruption since 2010, will have a duration of five years starting at the expiry of the existing contracts with Maersk Oil Qatar. The existing contracts will remain in force until their expiry in the third quarter of 2017.