Euronav And Gener8 Maritime Merger Creates Independent Large Crude Tanker Operator

Euronav NV announces that it has successfully concluded the merger with Gener8 Maritime. The 60.9 million new shares issued to Gener8 shareholders as consideration for the transaction will begin trading today on the NYSE.

Paddy Rodgers, CEO of Euronav, said: “Today marks an important milestone in the continued development of Euronav. Completing this transaction provides the crude tanker market with a global player of substantial size. Increasingly our customers and clients are demanding flexibility and scale solutions to their transportation requirements. The enlarged operation will allow Euronav to meet these specifications.

I would like to take this opportunity to thank all of the employees of Euronav and Gener8 for their extremely hard work and dedication in completing this complex transaction over the past six months or so. We look forward to integrating the Gener8 vessels into our fleet and continuing to provide our customers with a high quality and safe service.”

The merger creates the leading independent large crude tanker operator in the world including:

•76 operating crude tankers, consisting of 43 VLCCs, 27 Suezmaxes, 2 ULCC, two Panamax tankers and two FSOs under joint venture – representing over 19,4 million DWT in aggregate;

•Balance sheet assets of over USD 4 billion;

•Estimated pro-forma market capitalization of approximately USD 2.0 billion based on Euronav’s closing price of USD 9.10 per share on 11 June 2018;
•Marked-to-market leverage of less than 50%;

•A liquidity position estimated at more than USD 800 million, including cash on hand and undrawn amounts available under existing credit facilities;

•Tangible economies of scale via pooling arrangements, procurement opportunities, reduced overhead and enhanced access to capital;

•A well-capitalised, highly liquid company for investors wanting to participate in the tanker market;

•Increase of the scale of the Tankers International Pool (a spot market-oriented tanker pool) to 65 VLCCs allowing it to continue to provide the lowest commercial fees as a percentage of revenue in the sector.

Members of Euronav board of directors and executive management will continue to serve in such positions. In connection with the Merger, Mr. Steven Smith, a former Gener8 director, was nominated and elected to serve as an independent director of Euronav at its General Meeting of Shareholders held on May 9, 2018. Effective as of closing, Mr. Smith will join Euronav’s board of directors to serve for a three-year term as an independent director.

Press Release: Euronav