SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

December 12, 2013 08:30 ET

Tsakos Energy Navigation Reports Strategic Partnership With Statoil in the Construction and Chartering of Series of Aframax Crude Tankers

The Project Consists of Five Vessels With Additional Options

ATHENS, GREECE--(Marketwired - Dec 12, 2013) - Tsakos Energy Navigation Limited (TEN or the "Company") (NYSE: TNP) today 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. 

ABOUT TSAKOS ENERGY NAVIGATION
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.

 
The Company's newbuilding program consists of:
 
Vessel Dwt Built
LNG Maria Energy 174,000 cbm 1Q2016
Aframax N/B 1 112,700 dwt 2Q2016
Aframax N/B 2 112,700 dwt 2Q2016
Aframax N/B 3 112,700 dwt 3Q2016
Aframax N/B 4 112,700 dwt 4Q2016
Aframax N/B 5 112,700 dwt 1Q2017

ABOUT FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Contact Information

  • For further information please contact:
    Company
    Tsakos Energy Navigation Ltd.
    George Saroglou
    COO
    +30210 94 07 710
    gsaroglou@tenn.gr

    Investor Relations / Media
    Capital Link, Inc.
    Nicolas Bornozis
    Paul Lampoutis
    +212 661 7566
    ten@capitallink.com

    Visit our company website at:http://www.tenn.gr