Euronav completed the acquisition of remaining 50% stake in floating storage and offshore vessels from International Seaways for $300m.

Euronav, a worldwide crude oil tanker company, completed the acquisition of remaining 50% stake in floating storage and offshore vessels from International Seaways, a worldwide tanker company, which provides energy transportation services, for $150m. “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. 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. We thank Euronav for their partnership, and we are confident that they will continue to operate these vessels with the highest standards,” Lois K. Zabrocky, International Seaways President and CEO.