Euronav NV — Earnings Release 2013

Apr 15, 2014

EURONAV NV ANNOUNCES FINAL YEAR RESULTS 2013

Highlights 2013

CORPORATE

Euronav launched an exchange offer on all outstanding bonds with maturity 31 January 2015 in exchange for newly issued convertible bonds maturing 31 January 2018. The final aggregate principal amount of existing convertible bonds that were validly tendered for exchange was USD 125 million, representing a total of 1,250 new convertible bonds which were issued. Today only USD 25 million of the bonds maturing in 2015 remains outstanding.

Euronav signed a 4 year extension of its USD 300 million senior secured credit facility originally signed in April 2009 and which, at the time of the extension, had an outstanding amount of USD 221 million. The facility, which has been extended until April 2018, will continue to have the same repayment profile of USD 20 million per year.

In December Euronav raised USD 150 million via a private placement of a perpetual convertible preferred equity instrument. The instrument was issued at par and bears an interest of 6% during the first 5 years payable annually in arrears in cash or in shares at the option of the company.

In the last quarter of 2013 Euronav increased its capital on several occasions following the exercise of the conversion option of convertible bonds issued in 2013 and maturing in 2018. That resulted in a share capital of USD 58,936,522.32 represented by 54,223,817 ordinary shares on 31 December 2013.

TANKER

Euronav sold the Newbuilding Suezmax Cap Isabella (2013 – 157,648 dwt) for a selling price of USD 54,000,000. The vessel was taken back under a bareboat charter for a fixed period of 2 years at then applicable market rates and with 3 options in favour of the charterer to extend for a further year. In case of a sale by the owner during the period of the bareboat charter the Company will share in any surplus if the vessel value exceeds a certain threshold. As this transaction was signed before the announcement of the 2012 final figures and is the result of negotiations with previous parties which started in the financial year 2012, the Company recorded the capital loss of USD -32 million still in 2012. More importantly, however this transaction enabled Euronav to eliminate its only remaining capital expenditure whilst using very limited cash to take delivery of the vessel.

The time charter of the Suezmax Fraternity (2009 - 157,714 dwt) was extended for 12 months as from 2 August 2013 in direct continuation of the existing contract.

Euronav sold the double-hulled VLCC Ardenne Venture (2004 – 318,658 dwt), for USD 41.7 million. The vessel was owned by a 50/50 joint venture company with Wah Kwong Maritime Transport Holdings Ltd.

OFFSHORE

Euronav, jointly with Overseas Shipholding Group Inc., signed a two-year extension of the tranche related to the FSO Africa which is part of the USD 500 million senior secured credit facility originally signed in October 2008. At the time of the extension, USD 45 million was outstanding in respect of the Africa Tranche. At its new maturity (now scheduled for August 2015), the Africa Tranche will be fully repaid. The tranche related to the FSO Asia (part of the same facility) will continue to run until its original maturity in 2017. The facility will also continue to have the same annual repayment profile.

Events occurred after the end of the financial year ending 31 December 2013

On 2 January 2014 the VLCC Ardenne Venture (2004 - 318,658 dwt) was delivered to its new owners after the sale announced on 14 November 2013 for USD 41.7 million. The capital gain for Euronav of approximately USD 2.2 million will therefore be recognized in the first quarter of 2014.

On 3 January 2014 Euronav entered into a contract to acquire fifteen VLCCs from Maersk Tankers Singapore Pte Ltd. for a total acquisition price of USD 980 million payable as the vessels are being delivered. The vessels have an average age of 4 years and will be operated in the Tankers International VLCC Pool of which Euronav is a founding member.

On 7 January 2014 Euronav sold its oldest double-hulled VLCC Luxembourg (1999 – 299,150 dwt) for USD 28 million. The vessel was wholly owned by Euronav. The vessel is foreseen to be delivered to its new owner between 1 May 2014 and mid-June 2014. The vessel will be converted in an FPSO by her new owner and will therefore leave the VLCC trading fleet.

On 10 January 2014 Euronav raised USD 50,000,000 by way of a capital increase under the authorised capital for the financing of the acquisition of the VLCC vessels from Maersk and issued 5,473,571 new shares.

On 4 February 2014 Euronav issued a USD 235 million 7-year bond to the same investors who participated in the capital increase of 10 January 2014 and it has signed a commitment letter for a USD 500 million senior secured credit facility, both for the financing of the acquisition of the VLCC vessels from Maersk.

On 5 February 2014 Euronav entered into timecharter with Maersk Tankers A/S for a period of 12 months for the VLCC Maersk Hojo. Maersk Hojo was delivered to Euronav on 24 March 2014.

On 6 February 2014 Euronav announced its share capital was increased following the contribution in kind of 30 perpetual convertible preferred equity instruments issued on 10 January 2014 which resulted in the issuance of 9,459,286 new ordinary shares.

On 20 February 2014 Euronav released an optional redemption notice, reporting that Euronav will exercise its right to redeem on 9 April 2014 all of the convertible bonds issued in 2013 and maturing in 2018 not converted before 2 April 2014.

On 20 February 2014 Euronav took delivery of the first vessel from Maersk: the Nautilus.

On 24 February 2014 the shareholders approved a capital increase for the Maersk VLCC fleet acquisition up to an amount of USD 300,000,000 against issuance of up to 32,841,528 new shares.

On 25 February 2014 Euronav took delivery of the second vessel from Maersk: the Nucleus.

On 1 March 2014 Euronav Ship Management Antwerp (ESMA) took over the ship management of the vessel FSO Africa, owned by TI Africa Ltd. Her sister vessel FSO ASIA is already in management of ESMA as from the conversion of the vessel into an FSO in 2009. The transition of management was carried out as planned.

Between 1 January and 10 March 2014 Euronav's share capital increased several times following the exercise of the conversion option of convertible bonds issued in 2013 and maturing in 2018. That resulted in a share capital of USD 130,950,898.60 represented by 120,479,757 ordinary shares as of the day of this press release.

In March 2014 the company agreed to extend the period of the purchase option on the Antarctica (2009 – 315,981 dwt) and the Olympia (2008 – 315,981 dwt) by one month, until April 30th 2014.

On 25 March 2014 after a successful syndication Euronav signed a new USD 500 million senior secured credit facility after a successful syndication. The facility is underwritten by DnB Bank ASA, Nordea Bank Norge ASA and Skandinaviska Enskilda Banken AB acting as Lead Arrangers and Bookrunners and ABN Amro Bank N.V., Danish Ship Finance, ING Bank NV acting as Lead Arrangers and BNP Paribas Fortis NV and ScotiaBank Europe PLC acting as Co-Arrangers and Belfius Bank SA/NV. Nordea is also the facility agent. The facility will be available as from 25 March 2014 for the purpose of financing the acquisition of the Maersk Tankers fleet. The credit facility has a 6-year maturity as from closing the syndication and will bear interest at a rate based on LIBOR plus a margin of 2.75%.

Prospects for 2014

Given the market for tankers in the past couple of years and the difficulties faced by most owners to secure financing, not many newbuilding contracts were placed. Consequently, few vessels (6 VLCCs and 8 Suezmaxes including 6 shuttles) are scheduled to be delivered in 2014. If the scrapping rate in 2014 remains at the same level as in 2013, there would be a negative fleet growth in these segments which has not been seen for quite some time. That should help balancing the fleet and increase rates. The increase of US shale oil production has caused some concerns with regard to the diminishing demand for oil. The US, which was a heavy importer of crude from West Africa, primarily carried on Suezmax vessels, has therefore reduced its requirement almost entirely. West-African crude has consequently been exported elsewhere, towards North Europe and to the Far East, which should increase the demand for ton-miles and therefore tankers. Moreover, several Latin American countries have been increasing their oil production, often destined to go East, which should also increase ton-miles.

The market is expected to be highly volatile as it has already been so far in the first couple of months of 2014. That should enable owners to lock some voyages at pretty good rates which should have a positive impact on the average TCE result for the year, therefore expected to be better than in 2013.

With consumption in the US rebounding to its strongest level in five years, global oil demand in 2014 will be higher than previously forecasted. The IEA is reporting a growth of 1.3% in 2014 to 92.4 million barrels per day.

The floating platform market remains one of the strongest offshore sectors with an increasing amount of floating production investments being made. In Mexico multiple offshore yards are under development in the Altamira region and in Brazil several companies have registered for the auction of the massive Libra Block which is estimated to have 8-12 billion barrels of recoverable reserves and a peak output of 1.4 million barrels a day.

The rapidly growing number of drill ships and UDW (Ultra Deep Water) semis is also swiftly increasing the demand for new floating production facilities. By the end of 2013, there were 146 units available for ultra-deep water E&D (Exploration and Development) and it is expected that this growth will continue through the next several years. By the end of 2015 there will be an estimated increase to 180 units.

PRESS RELEASE REGULATED INFORMATION

27 MARCH 2014 – 6.45pm

Consolidated financial results 2013 summary:

The most important key figures are:
in thousands of USD	total as per 30 Sep 2013	fourth quarter 2013	Full Year 2013	Full Year 2012 Restated*
turnover	296.108	104.793	400.901	410.701
EBITDA	104.353	34.091	138.443	120.720
depreciation	-125.398	-41.964	-167.362	-177.513
EBIT (operating result)	-21.045	-7.873	-28.918	-56.793
financial result	-45.267	-15.729	-60.996	-62.529
share of profit(loss) of Equity Accounted investees	0	409	409	0
result before taxation	-66.312	-23.194	-89.505	-119.322
Tax Expense	-99	-79	-178	726
result after taxation	-66.411	-23.273	-89.683	-118.596
Attributable to: owners of the company	-66.411	-23.273	-89.683	-118.596
non-controlling intrests	0	0	0	0

The contribution to the result is as follows
in thousands of USD	total as per 30 Sep 2013	fourth quarter 2013	Full Year 2013	Full Year 2012
Tankers	-88.411	-29.455	-117.867	-135.066
FSO	22.001	6.182	28.183	16.471
result after taxation	-66.410	-23.273	-89.684	-118.595

Information per share:
	total as per 30	fourth quarter	Full Year	Full Year
in USD per share	Sep 2013	2013	2013	2012
number of shares	50.000.000	50.914.237	50.230.438	50.000.000
EBITDA	2,09	0,67	2,76	2,41
EBIT (operating result)	-0,42	-0,15	-0,58	-1,14
result after taxation	-1,33	-0,46	-1,79	-2,37

All figures have been prepared under IFRS (International Financial Reporting Standards)

* Restated due to IAS 19 revised - Employee benefits

The statutory auditor has confirmed that his audit work, which has substantially been completed, did not reveal any significant changes to be made to the financial information included in the press release.

Dividend policy

It will be proposed to the annual general meeting of 8 May 2014 not to distribute a dividend over the financial year 2013.

Financial calendar 2014

Thursday 3 April 2014 Full consolidated financial results 2013 available on website Thursday 3 April 2014 Annual report 2013 available on website Wednesday 23 April 2014 Announcement of first quarter results 2014 Thursday 8 May 2014 Annual Shareholders' meeting 2014 Thursday 17 July 2014 Announcement of second quarter results 2014 Wednesday 27 August 2014 Announcement of final half year results 2014 Friday 29 August 2014 Half year report 2014 available on website Tuesday 21 October 2014 Announcement of third quarter results 2014

Given the current circumstances in the tanker market, the board of Euronav NV has carefully reviewed all potential impairment indicators such as the current low freight rates environment as well as the current market value of the fleet compared to its carrying amount. The board tested the assets for impairment and at this point does not believe that an impairment loss needs to be recorded on its tankers. The board has continuously monitored developments in the tanker market throughout 2013 and will continue to do so throughout 2014.

The board of directors, represented by Marc Saverys, its Chairman, and the executive committee, represented by Paddy Rodgers, Chief Executive Officer and Hugo De Stoop, Chief Financial Officer, hereby confirm, in the name and for account of Euronav that, to the best of their knowledge the financial statements as of 31 December 2013 presented herein were established in accordance with applicable accounting standards (IFRS or Belgian GAAP) and give a true and fair view, as defined by these standards, of the assets, liabilities, financial position and results of Euronav NV.

On behalf of the board of directors:

Paddy Rodgers Marc Saverys

Chief Executive Officer Chairman of the Board of Directors

Contact: Mr. Hugo De Stoop CFO Tel: +32 3 247 44 11

Full consolidated financial results 2013 available on website: Thursday, 3 April 2014 Annual report 2013 available on website: Thursday, 3 April 2014

About Euronav

Euronav is one of the world's leading independent tanker companies engaged in the ocean transportation and storage of crude oil and petroleum products. The company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on NYSE Euronext Brussels under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav's owned fleet, consists of 37 double hulled vessels being 1 V-Plus, 2 FSO vessels (both owned in 50%-50% joint venture), 12 VLCCs of which 1 in joint venture (including the VLCC Luxembourg which is already sold but will be delivered between May 2014 and mid-June) and 22 Suezmaxes (of which 4 in joint venture). Deliveries of the rest of the Maersk VLCC fleet will increase the Euronav tanker fleet by another 13 VLCCs. Euronav vessels mainly fly Belgian, Greek and French flag. More detailed information can be found on the company's website: www.euronav.com.

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Regulated information within the meaning of the Royal Decree of 14 November 2007.