Euronav to fully acquire cleantech maritime group CMB.TECH 

Belgian tanker operator Euronav NV (Euronav) and CMB NV (CMB), its controlling shareholder, announced on Friday (22 December) that they entered into a share purchase agreement for the acquisition of 100% of the shares in CMB.TECH NV (CMB.TECH) for a purchase price of USD 1.150 billion in cash.

CMB.TECH is a diversified cleantech maritime group. CMB.TECH 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.

Euronav said the transaction fits into the company’s renewed strategy of diversification, decarbonisation and accelerated optimisation of the company’s current crude oil tanker fleet. 

The parties believe that the transaction will lead to the creation of the leading, future proof shipping platform, with the Company becoming the reference in sustainable shipping. 

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, with a clear vision on value creation for its shareholders. 

Euronav’s older tanker tonnage provides excellent 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, Euronav’s and CMB’s CEO, stated: “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 decarbonization strategy.”

Photo credit: Euronav
Published: 29 December, 2023