Independent tanker company Euronav NV and CMB NV, its controlling shareholder, entered into a share purchase agreement for the acquisition of 100% of the shares in CMB.TECH NV for a purchase price of US$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.

The largest division of CMB.TECH is the marine division. It builds, owns, operates and designs a wide range of low and zero-carbon ships powered by dual-fuel diesel-hydrogen and diesel-ammonia and monofuel hydrogen engines: offshore wind support vessels, dry bulk vessels, container vessels, chemical tankers, and others (tugboats and ferries). The integration of the drivetrain, the storage and the bunkering of hydrogen and ammonia, is implemented with a diverse and experienced in- house engineering team in partnership with Original Equipment Manufacturers and shipyards.

CMB.TECH’s H2 infra division offers hydrogen and ammonia fuel to its customers, either through its own production or by sourcing it from third party producers. Within H2 infra, the necessary technology and infrastructure is designed, developed and operated to produce and distribute green hydrogen and ammonia. The H2 infra division acts as a flywheel for both the Marine and Industry division—supporting that the green hydrogen and green ammonia value chain is a distinct part of a financially sustainable solution for the energy transition. A particular focus on hydrogen and ammonia production and storage completes the entire value chain to deliver the clean fuels of the future.

CMB.TECH’s Industry division develops hydrogen powered heavy-duty industrial applications. The focus on hydrogen solutions is driven by a commitment to offering affordable, reliable and sustainable solutions that reduce emissions and lower the environmental footprint of CMB.TECH’s clients. The advanced technology allows the conversion of existing diesel engines into dual-fuel and monofuel engines, providing flexibility and cost-effectiveness. The engines include high-speed options for smaller-scale applications, as well as medium-speed and slow- speed engines for marine and heavy-duty applications.

The transaction fits into Euronav’s renewed strategy of diversification, decarbonization and accelerated optimization of its current crude oil tanker fleet. The parties believe that the transaction will lead to the creation of the leading, future proof shipping platform, with Euronav 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 center of the energy transition and looking for low-carbon tanker shipping services.