The executive committee of Euronav NV announced that the company sold the VLCC Algarve (1999 – 298,969 dwt) for a selling price of USD 35,875,000 million and that the vessel was delivered to its new owner.

A capital gain of USD 7.3 million will be recorded whilst the net cash proceeds available to the company after the mandatory repayment of its debt obligation will be USD 17.3 million.

The vessel will be converted in a FPSO by her new 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 last year capable of understanding the needs of potential offshore buyers as well as having always maintained the ship well above industry standards.

Press Release, October 25, 2012

Share this article

Follow Subsea World News


<< Oct 2015 >>
28 29 30 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

Oceans 2015

Every autumn, the Marine Technology Society and the IEEE Oceanic Engineering Society sponsor OCEANS, a prestigious conference/exhibition…

read more >


The Course includes Practical Electro-Hydraulic Circuit Construction, setting-up procedures, testing & fault diagnosis…

read more >

Deep Offshore Technology

For 32 years Deep Offshore Technology (DOT) International has been showcasing pioneering technology that has been shaping the future of the…

read more >

Offshore Energy Exhibition & Conference 2015

Offshore Energy is an annual event focused on the complete offshore energy industry. It covers both the exploration and production of the…

read more >