International Seaways, Inc. announced that its joint venture with Euronav NV signed two contracts for five years with North Oil Company (NOC), the future operator of the Al Shaheen oil field, off the coast of Qatar, whose shareholders are Qatar Petroleum Oil & Gas Limited and Total E&P Golfe Limited. These contracts are for the FSO Africa and FSO Asia and commence upon expiry of their current contracts with Maersk Oil Qatar in the third quarter of 2017. The FSO Africa and FSO Asia floating storage platforms are both high specification, specially built units serving the Al Shaheen oil field since 2010.

In addition, the joint venture will be debt free from July 2017. The new contracts are expected, over their five year terms, to generate in excess of $360 million of EBITDA (earnings before interest, taxes, depreciation and amortization) for the joint venture. Based on International Seaways' ownership in the joint venture, the five year contracts are expected to generate in excess of $180 million of EBITDA for the Company.