Overseas Shipholding Group and Maersk Oil Qatar Sign New Agreement for FSO Africa

Friday, Aug 20, 2010

Overseas Shipholding Group, Inc. (NYSE: OSG), a market leader providing global energy transportation services, announced today that it has signed a new service agreement with Maersk Oil Qatar AS (MOQ) for the FSO Africa, a floating storage and offloading (FSO) service vessel. The duration of the contract is for three years beginning the end of August. The rate consists of a base rate which will increase if and when more capacity and features of the FSO are requested by MOQ. The FSO Africa is jointly owned by OSG and Euronav N.V. (Euronext Brussels: EURN).

FSO Africa and its sister vessel, FSO Asia, are the two largest and most sophisticated double hull FSO vessels in the world. The FSO Africa will be stationed on the Al Shaheen oil field offshore Qatar, joining the FSO Asia, which began operations in January 2010.

Source: Business Wire