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NEW YORK, Feb 28, 2008 (BUSINESS WIRE) -- Overseas Shipholding Group, Inc. (NYSE: OSG), a market leader in
providing energy transportation services, today 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.
Overseas Shipholding Group, Inc. (NYSE: OSG), a Dow Jones
Transportation Index company, is one of the largest publicly traded
tanker companies in the world. As a market leader in global energy
transportation services for crude oil and petroleum products in the
U.S. and International Flag markets, OSG is committed to setting high
standards of excellence for its quality, safety and environmental
programs. OSG is recognized as one of the world's most
customer-focused marine transportation companies and is headquartered
in New York City, NY. More information is available at www.osg.com.
Euronav NV (EURONEXT: EURN) is one of the world's leading
independent tanker companies engaged in the ocean transportation of
crude oil. As an integrated owner, operator and manager of modern,
double-hulled VLCC and Suezmax tankers, Euronav provides complete
shipping services in addition to the safe, reliable and efficient
shipping of crude oil worldwide. More information is available at
SOURCE: Overseas Shipholding Group, Inc.
Jennifer L. Schlueter, 212-578-1634
Vice President Corporate Communications and
Mr. Hugo De Stoop, +011 32 3 247 44 11