Overseas Shipholding Group Enters FSO Market

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

29 Feb 2008

Overseas Shipholding Group, Inc., a market leader in providing energy transportation services, yesterday announced that Maersk Oil Qatar AS has awarded two contracts to provide Floating Storage and Offloading ('FSO') services on the Al Shaheen field off shore Qatar. The award has been made to a joint venture between OSG and Euronav NV. Within the limits of its confidentiality obligations, OSG can disclose that the contract award is for eight years to be performed by two vessels, the TI Africa and the TI Asia, both double hull Ultra Large Crude Carriers (ULCC) tankers totaling 442,000 dwt tons each, currently owned by OSG and Euronav, respectively. These are the largest ships of this type in the world.The contracts provide for both vessels to be converted to FSOs and the converted vessels are expected to commence service in July and September of 2009.