The award has been made to a joint venture between Overseas Shipholding Group (OSG) and Euronav. Within the limits of its confidentiality obligations, OSG can disclose that the contract award is for eight years to be performed by two vessels, the TI Africa and the TI Asia, both double hull ultra large crude carriers tankers totaling 442,000 dwt tons each, currently owned by OSG and Euronav, respectively.

The contracts provide for both vessels to be converted to floating storage and offloading’s (FSO) and the converted vessels are expected to commence service in July and September of 2009.