Euronav purchases joint venture partner share of two FSO vessels

ANTWERP, Belgium, 7 June 2022 - Euronav NV (NYSE: EURN & Euronext: EURN)
("Euronav" or the "Company") announces that it has become the full owner of the
FSO platform as previously held in its 50-50 joint venture with International
Seaways, Inc.("INSW"). The two converted ULCCs, the FSO Asia and FSO Africa,
were purchased at USD 
300 million in total. Net of adjustments for working capital and debt, Euronav
paid approximately USD 140 million in cash for the purchase. The transaction has
been approved by North Oil Company ("NOC"), the operator of the Al Shaheen
field, whose shareholders are Qatar Petroleum Oil & Gas Limited and Total E&P
Golfe Limited. The Company obtains full control of the project. 

The floating offshore units FSO Africa and FSO Asia were significantly converted
from ULCC status and have been serving the Al-Shaheen field without interruption
since 2010. The current contract for these two custom-made units with a capacity
of 3 million barrels runs until Q3 2022. Following this, they will switch to a
new contract that was agreed with NOC in 2020. This contract covers a ten-year
extension for the FSO Asia and the FSO Africa in 
direct continuation of their current contractual service until Q3 2032.

Both Euronav and INSW are now following strategies which both believe require a
different ownership structure for these world class assets. This highly amicable
decision will allow both parties to pursue these strategies with more focus. 

Hugo De Stoop, CEO of Euronav said: "This represents an important strategic
milestone for Euronav and allows us to provide in full a significant source of
long-term earnings visibility for our shareholders. Euronav has for many years
maintained operational control of these assets and it makes sense now for us to
assume full economic control. International Seaways has been a strong and
reliable partner since 2008 and we are grateful for their support. These
operational units have already provided substantial value to our customer since
2010 and the long-term contracts reflect Euronav's operational capability in
diversifying activities beyond the traditional crude oil transportation sector
and generating superior returns on capital."

"Our participation in the FSO joint venture with Euronav has provided stable
cash flows for more than 11 years for International Seaways and its
predecessor," commented Lois K. Zabrocky, President and CEO of International
Seaways, Inc. "For the past several months, we've evaluated options to unlock
the value of the joint venture in cash in order to further strengthen our
balance sheet and support our long-term value creation strategy, which, over the
last five years, has included a transformational merger and vessel purchases at
cyclical lows, maintaining a strong balance sheet and returning nearly USD 100
million in capital to shareholders since the start of 2020. We thank Euronav for
their partnership, and we are confident that they will continue to operate these
vessels with the highest standards."

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Contact:
Brian Gallagher - Head of IR Communications & Management Board member 
Tel: [phone] 
Email: [e-mail]

Second Quarter 2022 Earnings: 4 August 2022

About Euronav
Euronav is an independent tanker company engaged in the ocean transportation and
storage of crude oil. The 
Company is headquartered in Antwerp, Belgium, and has offices throughout Europe
and Asia. 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 the Tankers International
pool of which Euronav is one of 
the major partners. Euronav's owned and operated fleet consists of 2 V-Plus
vessels, 40 VLCCs (with further three 
to be delivered), 26 Suezmaxes (of which two vessels are time chartered in and
three vessels to be delivered) 
and 2 FSO vessels.

Forward-Looking Statements 
Matters discussed in this press release may constitute forward-looking
statements. The 
Private Securities Litigation Reform Act of 1995 provides safe harbour
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 harbour
provisions of 
the Private Securities Litigation Reform Act of 1995 and is including this
cautionary 
statement in connection with this safe harbour 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 the United States Securities and Exchange
Commission 
for a more complete discussion of these and other risks and uncertainties.

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