VLCC Luxembourg to Become FPSO

Euronav NV has sold its oldest double-hulled VLCC Luxembourg (1999 – 299,150 dwt), for USD 28 million.

The capital gain on that sale of about USD 6 million will be recorded at delivery. The net cash proceeds available to Euronav after the mandatory repayment of its debt obligation will be USD 5 million. The vessel is expected to be delivered to its new owner between 1 May 2014 and mid June 2014 which should allow for two more profitable voyages prior to her delivery.

The vessel will be converted into an FPSO by itsnew owner and will therefore leave the worldwide VLCC trading fleet.

“The firm price of this sale reflects on the company’s strategy to have set up an offshore department capable of understanding the needs of potential offshore buyers as well as having always maintained the ship well above industry standards,” Euronav said in a statement.

January 16, 2014

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