EURONAV : Fourth quarter results 2014

PRESS RELEASE REGULATED INFORMATION

11 FEBRUARY 2015 - 8.15 a.m. CET

Highlights of recent developments

• Initial public offering on NYSE in the United States of 18,699,000 ordinary shares for gross proceeds of USD 229,062,750

• Planned repayment of the USD 235.5 million bond

• Contribution in kind of the 30 outstanding perpetual convertible preferred equity instruments resulting in the issuance of 9,459,283 new ordinary shares

• 17 out of 19 acquired VLCCs delivered

ANTWERP, Belgium, 11 February 2015 - The executive committee of Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav" or the "Company") reported today its preliminary non-audited financial results for the fourth quarter and full year 2014:

*All figures have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited by the statutory auditor. The comparative figures for 2013 have been restated following the application of IFRS 10 & IFRS 11 on Joint Arrangements.

**The number of shares outstanding on December 31, 2014 is 131,050,666 (including 1,750,000 treasury shares).

PRESS RELEASE REGULATED INFORMATION

11 FEBRUARY 2015 - 8.15 a.m. CET

The company had a net loss of USD -3.9 million (fourth quarter 2013: USD -23.3 million)

for the three months ended 31 December 2014 or USD -0.03 per share (fourth quarter

2013: USD -0.46 per share). EBITDA was USD 67.6 million (fourth quarter 2013: USD 20.9 million). For the full year ending 31 December 2014, the net results are USD -45.8 million (2013: USD -89.7 million) or USD -0.39 per share (2013: USD -1.79 per share).

CHANGE IN ACCOUNTING POLICY: FIRST-YEAR ADOPTION OF IFRS 10 & IFRS 11

As announced in our first quarter earnings release, the company is applying the new accounting standards IFRS 10 and IFRS 11 as of 1 January 2014. As a result, the consolidation method applied to joint ventures has changed. Consequently, all the joint ventures in which the Company has an interest have now been accounted for, using the equity method and reported in the income statement under the line: "Share of profit (loss) of equity accounted investees". For more details about the impact of the first-time adoption of IFRS 10 and IFRS 11, please see note "v" of the significant accounting policies included in the notes to the consolidated financial statements for the period ended 31 December

2013 in our annual report 2013.

If the company would have continued to apply the proportionate consolidation method for its joint ventures for the fourth quarter of 2014, the EBITDA would have been USD 84.5 million (fourth quarter 2013: USD 34.0 million), the EBIT would have been USD 29.3 million (fourth quarter 2013: USD -7.9 million) and the result after taxation would have remained the same.

The average daily time charter equivalent rates (TCE) can be summarized as follows:

* Including profit share where applicable

** Excluding technical offhire days

EURONAV TANKER FLEET

Euronav operates its spot VLCC tonnage through the Tankers International Pool of which it is a founding member. Since 6 October 2014, the Pool has been operating in a joint venture with Frontline. This combination is the largest provider of spot VLCC tonnage in the world and is operating under the name VLCC Chartering Ltd.

On 8 October 2014 the Suezmax Cap Isabella (2013 - 157,258 dwt), which the company had on bareboat charter, was delivered to its new owners. This sale generated a profit of USD 4.3 million for Euronav.

On 9 October 2014 Euronav took delivery of the fifteenth and last vessel of the Maersk

Acquisition announced on 5 January 2014: the Sandra (2011 - 323,527 dwt).

Towards the end of the year, the company took delivery of the following 2 VLCCs (both part of the acquisition of 4 modern Japanese-built VLCC vessels announced on 8 July 2014): the Hojo (2013 - 302,965 dwt) and the Hakone (2010 - 302,624 dwt) respectively on 19 and

PRESS RELEASE REGULATED INFORMATION

11 FEBRUARY 2015 - 8.15 a.m. CET

22 December 2014. Deliveries of the remaining two vessels are expected to take place late

February and towards the end of the first quarter of 2015.

On 15 January 2015 the VLCC Antarctica (2009 - 315,981 dwt) was delivered to its new owners for conversion in an FPSO.

CORPORATE

On 14 October 2014 the Company signed a new USD 340 million senior secured credit facility comprising of (i) a USD 192 million term loan facility and (ii) a up to USD 148 million non-amortising revolving credit facility for the purpose of partially financing the acquisition of 4 VLCCs announced on 8 July and the refinancing of 4 existing Suezmax vessels.

On 28 January the Company announced the closing of its initial public offering of

18,699,000 common shares at a public offering price of USD 12.25 per share for gross proceeds of USD 229,062,750. This included the exercise in full by the underwriters of their
overallotment option. The Company's ordinary shares offered in the United States trade on
the New York Stock Exchange under the ticker symbol "EURN".

On 3 February 2015 the Company announced that it will repay the USD 235.5 million bond issued to partly finance the acquisition of 15 VLCCs announced on 5 January 2014. The repayment is expected to take place on or around 19 February 2015. As the bond was issued below par and in accordance with IFRS, the Company will amortize USD 20.4 million (non-cash) in the fourth quarter of 2014 bringing the amortization related to this bond for the full year 2014 to USD 31.9 million (non-cash) and a further USD 4.1 million (non-cash) in the first quarter of 2015.

On 6 February 2015 the Company's share capital was increased following the contribution in kind of 30 perpetual convertible preferred equity instruments issued on 15 December
2013 which resulted in the issuance of 9,459,283 new ordinary shares. These new shares are listed on both Euronext Brussels and the NYSE but tradeable only on Euronext Brussels.

TANKER MARKET

A robust and sustained recovery in freight rates in both VLCC and Suezmax sectors gained traction during the fourth quarter of 2014 - a feature which has continued and expanded into Q1 2015. The last three months of the year presented some challenges as owners' confidence was slow to grow and bunker price gains did not materialise within Q4 as bunker inventory was burned off. However, Euronav delivered creditable returns on our VLCC fleet, where we lost a number of vettings due to the ownership change following the acquisitions, thus leading to a longer time required to book charters.
The fundamental drivers for the tanker market, supply and demand for seaborne transport are well positioned for the short and medium term. Demand for oil is healthy and growing. We believe the fall in the oil price will stimulate demand further in the short and medium term. Vessel supply will remain restricted for at least the next two years. Not only is forecast fleet growth limited in the medium term but there is limited capacity as the financial crisis reduced capacity and productivity in many shipyards. Ton miles are structurally increasing. The Atlantic is effectively long oil - this oil supply is feeding demand from non OECD and especially in Asia and the Far East. Therefore traditional trade lanes will continue to be replaced by longer haul routes with the Far East as their ultimate destination.

PRESS RELEASE REGULATED INFORMATION

11 FEBRUARY 2015 - 8.15 a.m. CET

OUTLOOK

So far, in the first quarter, the Euronav VLCC fleet operated in the Tankers International pool has earned on average USD 59,400 per day and 53% of the available days have been fixed. Euronav's Suezmaxes trading on the spot market have earned on average USD 40,300 per day and 69% of the available spot days have been fixed.

The oil price contango will continue to drive floating storage and reduce vessel supply for transport throughout 2015. Lower bunker costs make speed less of a cost issue but shipowners will not waste fuel so speeds in ballast will vary as to whether the ship is sailing to a cargo or not. No shipowner will want to speed up just to wait. Ships should continue in slow speed until they are fixed for a cargo and then adjust speed to arrive just in time. Ships are not speeding up to a degree which will make a tangible difference to capacity. The industry has learnt over the past five years how to manage variable voyage costs and speed is the key factor.
Euronav has developed into the largest and most transparent tanker platform with 52 vessels on the water today. We have deliberately exposed our fleet to the spot market (86%) with 16,000 open days for 2015 to benefit from what we believe will be a multi- year, growing freight rate market underpinned by a well-capitalized balance sheet and supported by strategic, demand and supply factors.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such

PRESS RELEASE REGULATED INFORMATION

11 FEBRUARY 2015 - 8.15 a.m. CET

financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

*

* * Contact:

Mr. Brian Gallagher - Euronav Investor Relations

Announcement of final year results 2014: Friday 27 March 2015

About Euronav

Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The Company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE 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 and operated fleet consists of 52 double hulled vessels being 1 V-Plus, 2 FSO vessels (both owned in 50%-50% joint venture), 26 VLCCs of which 1 in joint venture and 23 Suezmaxes (of which 4 in joint venture). The Company's vessels mainly fly Belgian, Greek, French and Marshall Island flags.

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

EURONAV

in thousands of U.S.$ 2014 2013

Restated *

* All figures have been prepared under IFRS as adopted by EU (International Financial Reporting Standards) and have not been audited by the statutory auditor. The comparative figures for 2013 have been restated following the application of IFRS 10& 11 on Joint Arrangements.

EURONAV

Restated *

Share capital …………………………………………………… 142,441 58,937

Share premium ……………………………………………… 941,770 365,574

Translation reserve …………………………………………… 379 946

Hedging reserve ……………………………………………… - -1,291

Treasury shares ……………………………………………… -46,062 -46,062

Other Equity Interest ………………………………………… 75,000 - Retained earnings …………………………………………… 359,180 422,886

Bank loans …………………………………………………… 1,012,955 710,086

Convertible and other Notes ………………………………… 231,373 125,822

Trade and other payables …………………………………… 126,632 107,094

Tax liabilities …………………………………………………… 1 21

Loans and borrowings ……………………………………… 221,374 137,677

Convertible and other Notes ………………………………… 23,124 - Provisions ……………………………………………………… 412 -

* All figures have been prepared under IFRS as adopted by EU (International Financial Reporting Standards) and have not been audited by the statutory auditor. The comparative figures for 2013 have been restated following the application of IFRS 10& 11 on Joint Arrangements.

EURONAV

in thousands of U.S.$ 2014 2013

Restated *

Revenue ………………………………………………… 473,985 304,622

Gains on disposal of vessels/other tangible assets… 13,122 8

Other operating income ………………..……………… 11,410 11,520

Expenses for shipping activities ……………………. -278,055 -206,528

Losses on disposal of vessels ………………………… - -215

Impairment on non-current assets held for sale…… -7,416 - Depreciation tangible assets ………………………… -160,934 -136,882

Depreciation intangible assets ……………………… -20 -75

Employee benefits ……………………………………… -20,489 -13,881

Other operating expenses …………………………… -20,075 -13,283

Finance income ……………………………………… 2,617 1,993

Finance expenses ……………………………………… -95,970 -54,637

Share of profit(loss) of equity accounted investees

(net of income tax) …………………………………. 30,286 17,853

Income tax expense …………………………………… 5,743 -178

Attributable to:

Owners of the Company ………………………… -45,796 -89,683

Basic earnings per share (in U.S.$) ………………… -0.39 -1.79

Diluted earnings per share (in U.S.$) ………………… -0.39 -1.79

* All figures have been prepared under IFRS as adopted by EU (International Financial Reporting Standards) and have not been audited by the statutory auditor. The comparative figures for 2013 have been restated following the application of IFRS 10& 11 on Joint Arrangements.

EURONAV

in thousands of U.S.$ 2014 2013

Restated *

* All figures have been prepared under IFRS as adopted by EU (International Financial Reporting Standards) and have not been audited by the statutory auditor. The comparative figures for 2013 have been restated following the application of IFRS 10& 11 on Joint Arrangements.

EURONAV

Consolidated financial statements

for the year ended December 31, 2014

Consolidated statement of changes in equity

in thousands of U.S.$

Share capital

Share premium

Translatio n reserve

Hedging reserve

Treasury shares

Retained earnings

Capital and

Other

Non- controlling

Total equity

reserves interest

Balance at January 1, 2013 restated …………………………… 56,248 353,063 730 -6,721 -46,062 509,712 866,970 - - 866,970

Equity-accounted investees, share of other comprehensive

income…………………………………………………………… - - - - - 3,077 3,077 - - 3,077

Remeasurements of the defined benefit liability(asset)………… - - - - - 263 263 - - 263

Total other comprehensive income ……………………………… - - 216 5,430 - 3,340 8,986 - - 8,986

Total comprehensive income for the period …………………… - - 216 5,430 - -86,343 -80,697 - - -80,697

Transactions with owners of the company

Issue of ordinary shares …………………………..……………… - - - - - - - - - -

Issue and conversion of convertible Notes ……………………… 2,689 12,511 - - - -666 14,534 - - 14,534

Dividends to equity holders …………………………..…………… - - - - - - - - - - Treasury shares …………………………..……………………..…… - - - - - - - - - - Equity-settled share-based payment……………………………… - - - - - 183 183 - - 183

Total contributions by and distributions to owners ……………… 2,689 12,511 - - - -483 14,717 - - 14,717

Total transactions with owners ………………………………… 2,689 12,511 - - - -483 14,717 - - 14,717

Balance at December 31, 2013 restated ……………………… 58,937 365,574 946 -1,291 -46,062 422,886 800,990 - 800,990

Balance at January 1, 2014 …………………………………..…… 58,937 365,574 946 -1,291 -46,062 422,886 800,990 - - 800,990

Balance at December 31, 2014 ………………………………… 142,441 941,770 379 - -46,062 359,181 1,397,708 75,000 - 1,472,708

* All figures have been prepared under IFRS as adopted by EU (International Financial Reporting Standards) and have not been audited by the statutory auditor. The comparative figures for 2013 have been restated following the application of

IFRS 10& 11 on Joint Arrangements.

EURONAV

Consolidated financial statements

for the year ended December 31, 2014

Consolidated statement of cash flows

in thousands of U.S.$ 2014 2013

Restated *

Profit (loss) for the period…………………………..………………………………… -45,796 -89,683

Adjustments for :……………………………………………………………….. 217,409 172,095

Depreciations tangible assets……………………………………...…… 160,934 136,882

Depreciations intangible assets………………………………...……… 20 75

Impairment on non-current assets held for sale…...………………….. 7,415 - Leasing…………………………………………………………………… - Provisions……………………………………………………...…………… 840 - Tax expenses……………………………………………………...…………… -5,742 178

Share of profit of equity-accounted investees, net of tax ……………………… -30,286 -17,853

Net finance expense……………..………………………………………...…… 93,353 52,644

Capital gain(loss) on disposal of assets…………………………………… -13,118 -14

Equity-settled share-based payment transactions……………………………… 3,994 183

Changes in working capital requirements ……………………………………….. -112,279 -43,442

Change in cash guarantees……………………………………...………… -1,246 -1

Change in trade receivables………………………………………….……… -23,755 -79

Change in accrued income……………………………………...…………… -8,577 -1,706

Change in deferred charges………………………………..…………… -2,124 -8,664

Change in other receivables………………………….………………… -64,299 -4,036

Change in trade payables………………………………….…………… -9,435 19,899

Change in accrued payroll………………………………………………..……… 166 -28

Change in accrued expenses………………………………..…………… 9,581 8,342

Change in deferred income………………………….………………… -2,016 -1,065

Change in other payables………………………………….…………… -10,660 -56,018

Change in provisions for employee benefits………………………………….… 85 -86

Change in non-current trade payables………………………………….……… - -

Income taxes paid during the period ………………………………………………… 67 -82

Interest paid …………………………………………………………………. -54,449 -47,895

Interest received …………………………………………………………………. 421 90

Dividends received …………………...………………………………………….. 9,410 -

Net cash from operating activities…………………………………………….. 14,784 -8,917

Acquisition of vessels ………………………………………………………………… -1,053,939 -10,000

Proceeds from the sale of vessels …………………………………………………… 123,609 52,920

Acquisition of other (in)tangible assets ……………………………………………… -123,207 -355

Proceeds from the sale of other (in)tangible assets ……………………………… 22 24

Loans from (to) related parties …………………………………………………..…… 29,508 -11,475

Proceeds of disposals of subsidiaries & joint ventures net of cash disposed

and of associates ………...………..………………...….. 1,000 -

Purchase of subsidiaries, joint ventures & associates net of cash acquired

………………..….…………………………..………………… - -3,000

Net cash from (used in) investing activities……………………………………… -1,023,008 28,114

Proceeds from issue of share capital ……………………………...……………… 475,000 - Transaction costs related to issue of share capital ………………..……………… -12,694 - Proceeds from issue of perpetual convertible preferred equity ……………….… 150,000 - Transaction costs related to issue perpetual convertible preferred equity …..… -3,500 - Purchase / sale of treasury shares …………………………………………...……… - -

Proceeds from new long-term borrowings ………………………………………… 1,395,392 61,390

Repayment of long-term borrowings ………………………………………………… -799,891 -118,770

Transaction costs related to issue of loans and borrowings …………………….. -15,284

Dividends paid …………………...…………………………………………..………… -2 -4

Net cash from (used in) financing activities ……………………………..……… 1,189,021 -57,384

* All figures have been prepared under IFRS as adopted by EU (International Financial Reporting Standards) and have not been audited by the statutory auditor. The comparative figures for 2013 have been restated following the application of IFRS 10& 11 on Joint Arrangements.

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