Antwerp-based tanker operator Euronav has entered into a share purchase agreement for the acquisition of 100% of the shares in CMB.Tech for a purchase price of US$ 1.15bn.
CMB.TECH is a diversified cleantech maritime group, which builds, owns, operates and designs large marine and industrial applications that run on dual-fuel diesel-hydrogen and diesel-ammonia engines and monofuel hydrogen engines. CMB.Tech offers hydrogen and ammonia fuel that it either produces or sources from external produces to its customers. CMB.Tech is active throughout the full hydrogen value chain through four different divisions: Marine, Technology & Development, H2 infra, and Industry. The value creation of the new strategy is driven by CMB.Tech’s ‘future-proof’ (or low carbon emitting) fleet of 106 low-carbon vessels, of which 46 are under construction.
The transaction fits into Euronav’s strategy of diversification, decarbonisation and accelerated optimisation of its current crude oil tanker fleet. CMB and Euronav believe that the addition of CMB.Tech to Euronav’s business will enable a flywheel strategy – positioning the group to tap into each step of the energy transition towards low-carbon shipping. Euronav’s older tanker tonnage provides opportunities to recycle capital over time into more future proof, attractive and diversified end-markets and contract types. In addition, Euronav’s current customer portfolio is located at the centre of the energy transition and looking for low-carbon tanker shipping services.
Alexander Saverys, CEO Euronav and CMB said: “After having reached an agreement with Famatown Finance Limited and Frontline plc on the strategic and structural deadlock for Euronav, we are pleased to announce another significant milestone for Euronav with the acquisition of CMB.Tech. This will allow the Company to rapidly and meaningfully execute its diversification and decarbonisation strategy.”
