Tsakos energy navigation reports strategic partnership with Statoil

Tsakos Energy Navigation Limited reported the strategic partnership with Statoil, an international energy company headquartered in Stavanger Norway (NYSE: STO) for the construction and chartering of five to nine purpose built Daewoo Aframax crude tankers with a contract term of five to twelve years including options. The gross revenues from this project are expected to range between minimum $250 million to approximately $1 billion.
"TEN continues its policy of forging strategic partnerships with international shippers with a track record of Health Safety and Environmental (HSE) performance and financial prudence. We are proud to announce today the expansion of our business relationship with Norway-based Statoil. With this accretive transaction we further modernize and grow responsibly our fleet in cooperation with such a prestigious partner," Mr. Nikolas P. Tsakos, President and CEO of TEN commented.

To date, TEN's fleet, including the LNG Maria Energy and five Aframax crude oil tankers under construction, consists of 54 double-hull vessels, a mix of product tankers, crude tankers and LNG carriers, totaling 5.5 million dwt. Of these, 28 are product carriers ranging from DP2 shuttle suezmaxes to handysize, 24 are crude tankers ranging from VLCCs to Aframaxes, and two are LNG carriers. The Company holds also an option for a 174,000 cbm tri-fuel LNG carrier to be exercised no later than January 31, 2014.

Source: Tsakos Energy Navigation Limited

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