EURONAV NV ANTWERP, Belgium ,3 February 2021 -Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav " or the "Company") announces it has entered into an agreement for the acquisition through resale of two eco-Suezmax newbuilding contracts. Currently completing construction at theDaehan Shipyard inSouth Korea , these modern vessels are being acquired for an en-bloc price ofUSD 113 million . Both vessels are due for delivery inJanuary 2022 . The vessels are the latest generation of Suezmax Eco-type tankers. They will be fitted with Exhaust Gas Scrubber technology and Ballast Water Treatment systems. The vessels have the structural notation to be LNG Ready.Euronav is working closely with the shipyard to also have a structural notation to be Ammonia Ready. This provides the option to switch to other fuels at a later stage.Hugo De Stoop , CEO said: "The current disruptions to the freight market have provided this opportunity and our strong balance sheet allowed us to act quickly on it. This is in line with our strategy of acquiring good assets at attractive points in the cycle." Acquisition rationale and funding This transaction is consistent with the core company objectives and strategy. As the new vessels are resales, they are not adding to projected vessel supply as they were already under construction.Euronav intends to use existing liquidity and will raise appropriate financing before the delivery of those ships. Balance sheet debt leverage will continue to remain conservative and appropriate forEuronav to retain its strength and flexibility in navigating the tanker cycle. * * * Contact:Brian Gallagher - Head of IR,Research and Communications & Member of the Management Board Tel: +44 20 78 70 04 36 Email: IR@euronav.com Announcement of Q4 2020 results: Thursday,4 February 2021 AboutEuronav Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The Company is headquartered inAntwerp, Belgium , and has offices throughoutEurope andAsia .Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN.Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in theTankers International pool of whichEuronav is one of the major partners.Euronav's owned and operated fleet consists of 2 V-Plus vessels, 45 VLCCs (two to be delivered), 26 Suezmaxes (one of which is in a joint venture and two vessels time chartered in) and 2 FSO vessels (both owned in 50%-50% joint venture). Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with theUnited States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
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