Euronav NV (EURN or Euronav) (NYSE: EURN & Euronext: EURN) announced earlier today it has signed an agreement with the UN to sell a VLCC as part of a wider salvage operation for the FSO Safer located in Yemen. Euronav will provide a suitable vessel that will go to drydock for necessary modifications and regular maintenance before sailing to the FSO Safer moored about 8 km off Yemen’s Ras Isa peninsula, for the operation to remove and store the oil.
The vessel will replace the FSO Safer and will stay there. Euronav will help operate the vessel including after the transfer of the oil for several months afterwards. The entire team of Euronav is very excited to be able to participate to such project and do their utmost to help preventing a possible environmental disaster
The damaged vessel, the FSO Safer (1976 – 406,639 dwt) is one of the largest vessels ever built and for more than thirty years has been positioned off the Yemeni coast. However, since 2015 it has been abandoned without power or maintenance. It has become a real danger.
The vessel therefore represents an impending environmental disaster prone to either break up or explosion. The United Nations has put together a co-ordinated package of salvage operation, management of the FSO Safer and safe handling of the stored crude.
Hugo De Stoop, CEO of Euronav said: “We are very proud to work with the UN in this delicate and sensitive operation in providing an appropriate vessel but also necessary expertise from our operational staff to support the salvage procedure. This critical operation requires dedicated support from Euronav for at least nine months and reflects our wider sustainability and environmental credentials. The Ocean is our environment, let’s protect it”.