Document:

EX-10.17

 
 

 

 

 Exhibit 10.17 

MEMORANDUM OF AGREEMENT 
  

	
	 Norwegian Shipbrokers’ Association’s

Memorandum of Agreement for sale and

purchase of ships. Adopted by BIMCO in 1956.

Code-name

	SALEFORM 2012
	Revised 1966, 1983 and 1986/87, 1993 and 2012

 Dated: 3 January 2014 

Maersk Tankers Singapore Pte. Ltd. (Name of sellers), hereinafter called the “Sellers”, have agreed to sell, 

and 
 Euronav NV or its fully guaranteed nominee pursuant to
the Framework Agreement (Name of buyers), hereinafter called the “Buyers”, have agreed to buy: 
 Name of vessel: 

IMO Number: 
 Classification Society: Lloyd’s
Register 
 Class Notation: 
  

					
	Year of Build: 	  	Builder/Yard: 
			
	Flag: Singapore	  	Place of Registration: Singapore	  	GT/NT: 

 hereinafter called the “Vessel”, on the following terms and conditions: 

Definitions 
 “Banking Days” are days on which
banks are open both in New York, Singapore, London, Antwerp and Copenhagenthe country of the currency stipulated for the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in
Clause 8 (Documentation) and          (add additional jurisdictions as appropriate). 

“Buyers’ Nominated Flag State” means          (state flag state). 

“Class” means the class notation referred to above. 

“Classification Society” means the Society referred to above. 

“Deposit” shall have the meaning given in Clause 2 (Deposit) 

“Deposit Holder” means          (state name and location of Deposit Holder) or, if left blank, the
Sellers’ Bank, which shall hold and release the Deposit in accordance with this Agreement. 
 “Framework Agreement” means the agreement
governing the terms for the sale of 15 VLCC vessels, entered into on the same date as this Agreement between the Sellers and Buyers. 
 “In
writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter, e-mail or telefaxin accordance with Clause 20 of the Framework Agreement. 

“Parties” means the Sellers and the Buyers. 

“Purchase Price” means the price for the Vessel as stated in Clause 1 Clause 4 and Appendix 2 of the Framework
Agreement (Purchase Price). 
 “Sellers’ Account” means          (state details of bank
account) at the Sellers’ Bank. 
 “Seller’s Bank” means          (state name of
bank, branch and details) or, if left blank, the bank notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price. 

Save as specifically defined in this Agreement the definitions used in the Framework Agreement shall have the same meaning in this Agreement. 

 

	1.	Purchase Price 

  

	  	The Purchase Price is          (state currency and amount both in words and figures)See Clause 4 and Appendix 2 of the Framework
Agreement. 

  

	2.	Deposit 

  

	  	See Clause 4 of the Framework Agreement.As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of         %
(        per cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the “Deposit”) in an interest bearing account for the Parties with the Deposit Holder within three
(3) Banking Days after the date that: 

  

	 	(i)	this Agreement has been signed by the Parties and exchanged in original or by e-mail or telefax; and 

  

	 	(ii)	the Deposit Holder has confirmed in writing to the Parties that the account has been opened.

 

  

	
	

  

	
	 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to
the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’
Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

 

 

  
  

	  	The Deposit shall be released in accordance with joint written instructions of the Parties. Interest, if any, shall be credited to the Buyers. Any fee charged for holding and releasing the Deposit shall be borne
equally by the Parties. The Parties shall provide to the Deposit Holder all necessary documentation to open and maintain the account without delay. 

  

	3.	Payment 

  

	  	See Clause 4 of the Framework Agreement. 

  

	  	On delivery of the Vessel, but not later than three (3) Banking Days after the date that Notice of Readiness has been given in accordance with Clause 5 (Time and place of
delivery and notices): 

  

	 	(i)	the Deposit shall be released to the Sellers; and 

  

	 	(ii)	the balance of the Purchase Price and all other sums payable on delivery by the Buyers to the Sellers under this Agreement shall be paid in full free of bank charges to the Seller’s Account.

  

	4.	Inspection 

  

	  	(a)* The Buyers have inspected and accepted the Vessel’s classification records. The Buyers have also inspected the Vessel at/in
         (state place) on         
(state date) and have accepted the Vessel following this inspection and the sale is outright and definite, subject only to the terms and conditions of this Agreement.

  

	  	The Buyers have inspected and accepted the Vessel’s classification records in Copenhagen on 20 December 2013. The Buyers have waived their right to physically inspect the Vessel, and as a consequence the
Buyers accept that the sale is outright and definite, subject only to the terms and conditions of this Agreement and the Framework Agreement. 

  

	  	(b)* The Buyers shall have right to inspect the Vessel’s classification records and declare whether same are accepted or not within
         (state date/period). 

  

	  	The Sellers shall make the Vessel available for inspection at/in          (state place/range) within
         (state date/period). 

  

	  	The Buyers shall undertake the inspection without undue delay to the Vessel. Should the Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred. 

 

	  	The Buyers shall inspect the Vessel without opening up and without cost to the Sellers. 

  

	  	During the inspection, the Vessel’s deck and engine log books shall be made available for examination by the Buyers. 

 

	  	The sale shall become outright and definite, subject only to the terms and conditions of this Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from the Buyers within
seventy two (72) hours after completion of such inspection or after the date/last day of the period stated in Line 59, whichever is earlier. 

 

	  	Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of the Vessel’s classification records and/or of the Vessel not be received by the Sellers as aforesaid, the
Deposit together with interest earned, if any, shall be released immediately to the Buyers, whereafter this Agreement shall be null and void. 

  

	*	4(a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 4(a) shall apply. 

 

	5.	Time and place of delivery and notices 

  

	  	See Clause 5 of the Framework Agreement. 

  

	  	(a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or anchorage at/in any area or port worldwide (state
place/range) in the Sellers’ option, but excluding any area or port within (i) the jurisdiction of the West Coast of the United States of America; and (ii) any nation prohibited under the
laws of the United States of America, the United Nations or the European Union. 

 

  

	
	 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to
the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’
Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

  
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 Notice of
Readiness shall not be tendered before:                     (date) 

Cancelling Date (see Clauses 5(c), 6 (a)(i), 6 (a) (iii) and 14): See Clause 9.2 of the Framework Agreement

 (b) The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide the Buyers with twenty (20),
fifteen (15), ten (10), five (5) and three (3) days’ notice of the date the Sellers intend to tender Notice of Readiness and of the intended range/place of delivery. 

When the Vessel is at the place of delivery and physically ready for delivery in accordance with this Agreement, the Sellers shall give the
Buyers a written Notice of Readiness for delivery. 
 (c) If the Sellers anticipate that, notwithstanding the exercise of due
diligence by them, the Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and proposing a new Cancelling Date. Upon
receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 (Sellers’ Default) within three (3) Banking Days of receipt of the notice or of accepting the new date as the
new Cancelling Date. If the Buyers have not declared their option within three (3) Banking Days of receipt of the Sellers’ notification or if the Buyers accept the new date, the date proposed in the Sellers’ notification shall be
deemed to be the new Cancelling Date and shall be substituted for the Cancelling Date stipulated in line 79. 
 If this Agreement is
maintained with the new Cancelling Date all other terms and conditions hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full force and effect. 

(d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely without prejudice to any claim
for damages the Buyers may have under Clause 14 (Sellers’ Default) for the Vessel not being ready by the original Cancelling Date. 

(e) Should the Vessel become an actual, constructive or compromised total loss before delivery the Deposit together with
interest earned, if any, shall be released immediately to the Buyers whereafter this Agreement shall be null and void. 
  

	6.	Divers Inspection / Drydocking 

  

	 	(a)*	     

  

	 	(i)	The Buyers shall have the option at their cost and expense to arrange for an underwater inspection by a diver approved by the Classification Society prior to the delivery of the Vessel at the Delivery Port as
defined in the Framework Agreement. If Clause 5.2 of the Framework Agreement is applicable and the Vessel is to be delivered in international waters, the Buyers shall instead have the right to arrange for an underwater inspection of the Vessel at
the last discharge port prior to delivery. Such option shall be declared latest nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this
Agreement. The Sellers shall at their cost and expense make the Vessel available for such inspection. This inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers and
paid for by the Buyers. The Buyers’ representative(s) shall have the right to be present at the diver’s inspection as observer(s) only without interfering with the work or decisions of the Classification Society surveyor. The extent of the
inspection and the conditions under which it is performed shall be to the satisfaction of the Classification Society. If the conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at their cost and expense make the
Vessel available at a suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the subsequent re-positioning. The Sellers may not tender
Notice of Readiness prior to completion of the underwater inspection. 

  

	 	(ii)	If the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so as to affect the Vessel’s class, then (1) unless repairs can be carried
out afloat to the satisfaction of the Classification Society, the Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by the Classification Society of the Vessel’s underwater parts below the deepest load line,
the extent of the inspection being in accordance with the Classification Society’s rules (2) such defects shall be made good by the Sellers at their cost and expense to the satisfaction of the Classification Society without
condition/recommendation** and (3) the Sellers shall pay for the underwater inspection and the Classification Society’s attendance.

 

  

	
	 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to
the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’
Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

  
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	 	  	Notwithstanding anything to the contrary in this Agreement, if the Classification Society do not require the aforementioned defects to be rectified beforeuntil the next class drydocking survey,
the Sellers shall be entitled to deliver the Vessel with these defects against a deduction from the Purchase Price of the estimated direct cost (of labour and materials) of carrying out the repairs to the satisfaction of the Classification Society,
whereafter the Buyers shall have no further rights whatsoever in respect of the defects and/or repairs, the scope of repairs shall be ascertained and endorsed by the Classification Society. The estimated direct cost of the repairs
shall be the average of quotes for the repair work obtained from two reputable independent shipyards at or in the UAE-Japan Range, excl. Chinese shipyards vicinity of the port of delivery, one to be obtained
by each of the Parties within twofour (24) Banking Days from the date of theon which the Classification Society ascertained and endorsed the scope of repairs
imposition of the condition/recommendation, unless the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within the stipulated time then the quote duly obtained by the other Party shall be the sole basis for
the estimate of the direct repair costs. The Sellers may not tender Notice of Readiness prior to such estimate having been established. 

  

	 	(iii)	If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry-docking facilities are available at the port of delivery, the Sellers shall take the Vessel to a port where suitable drydocking
facilities are available, whether within or outside the delivery range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the Vessel at a port within the delivery range as per Clause 5(a) which shall, for the
purpose of this Clause, become the new port of delivery. In such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra steaming, but limited to a maximum of fourteen (14) days.

  

	  	(b)* The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the Classification Society of the Vessel’s underwater parts below the deepest load line, the extent of the
inspection being in accordance with the Classification Society’s rules. If the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so as to affect the Vessel’s class, such
defects shall be made good at the Sellers’ cost and expense to the satisfaction of the Classification Society without condition/recommendation**. In such event the Sellers are also to pay for the costs and expenses in connection with putting
the Vessel in and taking her out of drydock, including the drydock dues and the Classification Society’s fees. The Sellers shall also pay for these costs and expenses if parts of the tailshaft system are condemned or found defective or broken
so as to affect the Vessel’s class. In all other cases, the Buyers shall pay the aforesaid costs and expenses, dues and fees. 

  

	  	(c) If the Vessel is drydocked pursuant to Clause 6 (a)(ii) or 6 (b) above: 

  

	 	(i)	The Classification Society may require survey of the tailshaft system, the extent of the survey being to the satisfaction of the Classification surveyor. If such survey is not required by the Classification Society, the
Buyers shall have the option to require the tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey being in accordance with the Classification Society’s rules for tailshaft survey and consistent with the
current stage of the Vessel’s survey cycle. The Buyers shall declare whether they require the tailshaft to be drawn and surveyed not later than by the completion of the inspection by the Classification Society. The drawing and refitting of the
tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be condemned or found defective so as to affect the Vessel’s class, those parts shall be renewed or made good at the Sellers’ cost and expense to the
satisfaction of Classification Society without condition/recommendation**. 

  

	 	(ii)	The costs and expenses relating to the survey of the tailshaft system shall be borne by the Buyers unless the Classification Society requires such survey to be carried out or if parts of the system are condemned or
found defective or broken so as to affect the Vessel’s class, in which case the Sellers shall pay these costs and expenses. 

  

	 	(iii)	The Buyers’ representative(s) shall have the right to be present in the drydock, as observer(s) only without interfering with the work or decisions of the Classification Society surveyor. 

 

	 	(iv)	 The Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering
with the Sellers’ or the Classification Society surveyor’s work, if any, and without affecting the Vessel’s timely delivery. If, however, the Buyers’ work in drydock is still in progress when the

 

  

	
	This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to
the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of
discrepancies between the original approved document and this computer generated document.

  
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Sellers have completed the work which the Sellers are required to do, the additional docking time needed to complete the Buyers’ work shall be for the Buyers’ risk, cost and expense. In
the event that the Buyers’ work requires such additional time, the Sellers may upon completion of the Sellers’ work tender Notice of Readiness for delivery whilst the Vessel is still in drydock and, notwithstanding Clause 5(a), the
Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in drydock or not. 

  

	*	6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 6 (a) shall apply. 

	**	Notes or memoranda, if any, in the surveyor’s report which are accepted by the Classification Society without condition/recommendation are not to be taken into account. 

 

	7.	Spares, bunkers and other items 

  

	  	The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board and on shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or spare propeller(s)/propeller
blade(s), if any, belonging to the Vessel at the time of inspection used or unused, whether on board or not and in the warehouse at shore shall become the Buyers’ property, but spares on order are excluded. Forwarding charges, if any,
shall be for the Buyers’ account. The Sellers are not required to replace spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to delivery, but the
replaced items shall be the property of the Buyers. Unused stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment. 

 

	  	Library and forms exclusively for use in the Sellers’ vessel(s) and captain’s, officers’ and crew’s personal belongings including the slop chest are excluded from the sale without compensation, as
well as the following additional items: 

  

	 	•	 	log books for deck/engine/Cargo ops 

  

	 	•	 	pictures and paintings in the Sellers’ option 

  

	 	•	 	welfare equipment 

  

	 	•	 	documents directly related to present ownership 

  

	 	•	 	documents which have to be returned to the authorities 

  

	 	•	 	all forms etc. which are related to the present ownership 

  

	 	•	 	the Vessel’s maintenance system for hull and machinery, however, Sellers shall deliver to the Buyers ship specific PMS database in the format that comes out of Shipnet 

 

	 	•	 	computer software for pc’s either developed by or licensed to the Sellers except loadmaster computer which is included in the sale 

 

	 	•	 	software for chart corrections and nautical documents 

  

	 	•	 	ship’s bell (will be replaced by Sellers with a generic ship’s bell of equal or better quality) 

  

	 	•	 	digital cameras and mobile telephones 

  

	 	•	 	all hired and rented equipment such as videotel, Unitor/Drew bottles 

  

	 	•	 	EPIRB, SAT D etc hardware will remain onboard, but subscriptions will be cancelled/reprogrammed 

  

	 	•	 	administrative LAN server 

  

	 	•	 	Scanjets including hoses and fittings (if any) 

  

	  	(include list) 

  

	  	Items on board which are on hire or owned by third parties, listed as follows, are excluded from the sale without compensation: Sellers will latest 30 days prior to the anticipated delivery date
provide a list to Buyers of items onboard which are on hire or owned by third parties.(include list) Items on board at the time of inspection which are on hire or owned by third parties, not listed above, shall be replaced or
procured by the Sellers prior to delivery at their cost and expense. 

  

	  	The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and greases in storage tanks and unopened drums at the port and date of delivery and for bunkers pay the actual supplied net
price on a FIFO basis as evidenced by invoices or vouchers. For the unused lubricating and hydraulic oils and greases the Buyers shall pay the list prices of the latest supplier (of such products) applicable in the port of Singapore (at the time of
delivery of the relevant supply of products) minus 20% for the quantities taken over. 

  

	  	Quantities of the bunkers/luboils/greases/heel onboard are to be verified by a joint survey between the Sellers’ and the Buyers’ repesentative(s) onboard prior to delivery.and pay
either: 

  

	  	(a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or 

  

	  	(b) *the current net market price (excluding barging expenses) at the port and date of delivery of the Vessel or, if unavailable, at the nearest bunkering port, for the quantities taken over.

 

  

	
	 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to
the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’
Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

  
 5 

 

 

 Payment under this Clause shall be made at the same time and place and in the same currency as
the Purchase Price. 
 “inspection” in this Clause 7, shall mean the Buyers’ inspection according to Clause 4(a)
or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date. 
  

	*	(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions alternative (a) shall apply. 

 

	8.	Documentation 

 The place of closing: London, unless otherwise agreed between Sellers
and Buyers. 
 (a) In exchange for payment of the Purchase Price the Sellers shall provide the Buyers with the following delivery
documents: 
  

	 	(i)	Two (2) Legal Bill(s) of Sale in a form recordable in the Buyers’ Nominated Flag State, transferring title of the Vessel and stating that the Vessel is free from all mortgages, encumbrances,
taxes and maritime liens or any other debts whatsoever, duly notarially attested and legalised or apostilled, as required by the Buyers’ Nominated Flag State; 

 

	 	(ii)	Evidence that all necessary corporate, shareholder and other action has been taken by the Sellers to authorise the execution, delivery and performance of this Agreement; 

 

	 	(iii)	Power of Attorney of the Sellers appointing one or more representatives to act on behalf of the Sellers in the performance of this Agreement, duly notarially attested and legalised or apostilled (as appropriate);

  

	 	(iv)	Certificate or Transcript of Registry issued by the competent authorities of the flag state on the date of delivery evidencing the Sellers’ ownership of the Vessel and that the Vessel is free from registered
encumbrances and mortgages , to be faxed or e-mailed by such authority or the Sellers to the closing meeting with the original to be sent to the Buyers as soon as possible after delivery of the Vessel; 

 

	 	(v)	Declaration of Class or (depending on the Classification Society) a Class Maintenance Certificate issued within three (3) Banking Days prior to delivery confirming that the Vessel is in Class free of
condition/recommendation; 

  

	 	(vi)	Certificate of Deletion of the Vessel from the Vessel’s registry or other official evidence of deletion appropriate to the Vessel’s registry at the time of delivery, or, in the event that the registry does not
as a matter of practice issue such documentation immediately, a written undertaking by the Sellers to effect deletion from the Vessel’s registry forthwith and provide a certificate or other official evidence of deletion to the Buyers promptly
and latest within four (4) weeks after the Purchase Price has been paid and the Vessel has been delivered; 

  

	 	(vii)	A copy of the Vessel’s Continuous Synopsis Record certifying the date on which the Vessel ceased to be registered with the Vessel’s registry, or, in the event that the registry does not as a matter of practice
issue such certificate immediately, a written undertaking from the Sellers to provide the copy of this certificate promptly upon it being issued together with evidence of submission by the Sellers of a duly executed Form 2 stating the date on which
the Vessel shall cease to be registered with the Vessel’s registry; 

  

	 	(viii)	Commercial Invoice for the Vessel; 

  

	 	(ix)	Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and greases; 

  

	 	(x)	A copy of the Sellers’ letter to their satellite communication provider cancelling the Vessel’s communications contract which is to be sent immediately after delivery of the Vessel; 

 

	 	(xi)	Any additional documents as may reasonably be required by the competent authorities of the Buyers’ Nominated Flag State for the purpose of registering the Vessel, provided the Buyers notify the Sellers of any such
documents as soon as possible and within reasonable time after the date of this Agreement; and 

  

	 	(xii)	The Sellers’ letter of confirmation that to the best of their knowledge, the Vessel is not at the time of delivery to Buyers black listed by the USA or any European Union nation or under blockade by ITF
or the Arab Boycott League; any nation-or-international organisation. 

 

  

	
	 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to
the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’
Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

  
 6 

 

 

  

	 	(xiii)	The Sellers’: (1) Certificate of Incorporation; (2) ACRA transcript issued within five (5) business days prior to the delivery of the Vessel; (3) copy of Sellers’ Memorandum and Articles
of Association; and (4) a certificate of director of the Sellers. 

  

	 	(b) At the time of delivery the Buyers shall provide the Sellers with: 

  

	 	(i)	Evidence that all necessary corporate, shareholder and other action has been taken by the Buyers to authorise the execution, delivery and performance of this Agreement; and 

 

	 	(ii)	Power of Attorney of the Buyers appointing one or more representatives to act on behalf of the Buyers in the performance of this Agreement, duly notarially attested and legalised or apostilled (as
appropriate);. 

  

	 	(iii)	The Buyers’: Certificate of Incorporation and Good Standing confirming the good standing of the Buyers and providing information on the current Directors of the Buyers together with copy of Buyers’ Articles
of Association attached to it, issued within five (5) business days prior to the delivery, duly notarially attested and legalized by apostille (as appropriate). If information on the Directors of the Buyers is not by practice provided in the
above Certificate, Buyers to provide Sellers with a separate Certificate of Incumbency, duly notarially attested and legalized by apostille (as appropriate). 

  

	 	(c) If any of the documents listed in Sub-clauses (a) and (b) above are not in the English language they shall be accompanied by an English translation by an authorised translator or certified by a
lawyer qualified to practice in the country of the translated language. 

  

	 	(d) The Parties shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the other party not later
than nine (9) (state number of days), or if left-blank, nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this
Agreement. 

  

	 	(e) Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, the Sellers shall also hand to the Buyers the classification certificate(s) as well as all plans, drawings and
manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other certificates which are on board the Vessel shall also be handed over to the Buyers unless the Sellers are required to retain same, in which case the Buyers have the right to
take copies. 

  

	 	(f) Other technical documentation which may be in the Sellers’ possession shall promptly after delivery be forwarded to the Buyers at their expense, if they so request. The Sellers may keep the Vessel’s
log books but the Buyers have the right to take copies of same. 

  

	 	(g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance confirming the date and time of delivery of the Vessel from the Sellers to the Buyers. 

 

	9.	Encumbrances 

  

	 	The Sellers warrant that the Vessel, at the time of delivery, is free from all charters, encumbrances, mortgages and maritime liens or any other debts whatsoever, and is not subject to Port State or other administrative
detentions. The Sellers hereby undertake to indemnify the Buyers against all consequences of claims made against the Vessel which have been incurred prior to the time of delivery. 

 

	10.	Taxes, fees and expenses 

  

	 	Any taxes, fees and expenses in connection with the purchase and registration in the Buyers’ Nominated Flag State shall be for the Buyers’ account, whereas similar charges in connection with the closing of the
Sellers’ register shall be for the Sellers’ account. 

  

	11.	Condition on delivery 

  

	 	The Vessel with everything belonging to her shall be at the Sellers’ risk and expense until she is delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be delivered and taken
over as she was at the time of inspection of the Vessel’s Class records, fair wear and tear excepted. 

  

	 	However, the Vessel shall be delivered free of cargo and free of stowaways with her Class maintained without condition/recommendation*, free of average damage affecting the Vessel’s class, and with her
classification certificates and national certificates, as well as all other certificates the Vessel had at the time of inspection of the Vessel’s Class records, valid for three (3) months and unextended without
condition/recommendation* by the Classification Society or the relevant authorities at the time of delivery. 

 

  

	
	 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to
the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’
Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

  
 7 

 

 

  

	 	The Sellers shall notify the Classification Society of any matters coming to their knowledge prior to delivery which upon being reported to the Classification Society would lead to the withdrawal of the Vessel’s
Class or to the imposition of a recommendation relating to her Class. 

  

	 	“inspection” in this Clause 11, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the
date of this Agreement shall be the relevant date. 

  

	*	Notes and memoranda, if any, in the surveyor’s report which are accepted by the Classification Society without condition/recommendation are not to be taken into account. 

 

	12.	Name/markings 

  

	 	Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel markings. Latest at the Vessel’s next scheduled dry-docking Buyers shall repaint the Vessel’s hull in a colour which is
not associated with the Sellers. 

  

	13.	Buyers’ default 

  

	 	See Clause 8 of the Framework Agreement 

  

	 	Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the right to cancel this Agreement, and they shall be entitled to claim
compensation for their losses and for all expenses incurred together with interest. 

  

	 	Should the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers have the right to cancel this Agreement, in which case the Deposit together with
interest earned, if any, shall be released to the Sellers. If the Deposit does not cover their loss, the Sellers shall be entitled to claim further compensation for their losses and for all expenses incurred together with interest.

  

	14.	Sellers’ default 

  

	 	See Clause 9 of the Framework Agreement. 

  

	 	Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the
Buyers shall have the option of cancelling this Agreement. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again by the
Cancelling Date and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, the Deposit together with interest earned, if any; shall be released to them immediately. 

  

	 	Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and
for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. 

  

	15.	Buyers’ representatives/crew 

  

	 	After this Agreement has been signed by the Parties the Effective Date and when the Deposit has been lodged, the Buyers have the right to place twothree
(23) representatives on board the Vessel at their sole risk and expense. 

  

	 	These representatives are on board for the purpose of familiarisation and in the capacity of observers only, and they shall not interfere in any respect with the operation of the Vessel. The Buyers and the Buyers’
representatives shall sign the Sellers’ P&I Club’s standard letter of indemnity prior to their embarkation. 

  

	 	Once Notice of Readiness has been given to the Buyers by the Sellers the Sellers shall allow access to the Vessel by the Buyers’ crew for the purpose of familiarisation only subject to signing the Sellers’
P&I Club’s standard letter of indemnity prior to embarkation and always provided that (i) there is enough space onboard, (ii) safety is not endangered, (iii) Buyers’ crew do not interfere with the delivery and
(iv) no regulations are breached. 

  

	16.	Law and Arbitration 

  

	 	Clause 21 of the Framework Agreement shall apply mutatis mutandis to and form an integral part of this Agreement.

 

  

	
	 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to
the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’
Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

  
 8 

 

 

  

	 	(a) *This Agreement shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London in
accordance with the Arbitration Act 1996 or any statutory modification or re enactment thereof save to the extent necessary to give effect to the provisions of this Clause. 

 

	 	The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration proceedings are commenced. 

 

	 	The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other party requiring the other
party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so
within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the party referring a dispute to arbitration may, without the
requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both Parties as if the sole arbitrator had been
appointed by agreement. 

  

	 	In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration
proceedings are commenced. 

  

	 	(b) *This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the substantive law (not including the choice of law rules) of the State of New York and any
dispute arising out of or in connection with this Agreement shall be referred to three (3) persons at New York, one to be appointed by-each of the parties hereto, and the third by the two so chosen; their decision or that of any two of them
shall be final, and for the purposes of enforcing any award, judgment may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators,
Inc. 

  

	 	In cases where neither the claim nor any counterclaim exceeds the-sum of US$100,000 the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime
Arbitrators, Inc. 

  

	 	(c) This Agreement shall be governed by and construed in accordance with the laws of          (state place) and any dispute arising out of
or in connection with this Agreement shall be referred to arbitration at          (state place), subject to the procedures applicable there. 

 

	*	16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 16(a) shall apply. 

 

	17.	Notices 

  

	 	All notices to be provided under this Agreement shall be in writing. 

  

	 	Contact details for recipients of notices are as follows: 

  

			
	For the Buyers:	  	Euronav NV
		  	20 De Gerlachekaai
		  	2000 Antwerp
		  	Belgium
		  	For the attention of: Chief Executive Officer
		  	Email: management@euronav.com
		
		  	c.c. For the attention of: General Counsel
		  	Email: legal@euronav.com
		
	For the Sellers:	  	c/o Maersk Tankers A/S
		  	Esplanaden 50
		  	1098 Copenhagen K
		  	Denmark
		  	For the attention of: COO
		  	Email: christian.michael.ingerslev@maersktankers.com
		
		  	c.c. For the attention of: Head of Legal
		  	Email: anette.ryde@maersktankers.com

 
 

  

	
	This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to
the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of
discrepancies between the original approved document and this computer generated document.

  
 9 

 

 

  

	18.	Entire AgreementVarious 

  

	 	This Agreement constitutes an integrated part of the Framework Agreement. In case of conflict between this Agreement and the Framework Agreement, the latter shall prevail. 

 

	 	The written terms of this Agreement together with the Framework Agreement comprise the entire agreement and understanding between the Buyers and the Sellers in relation to the sale and purchase of the
Vessel and supersede and extinguishes all previous drafts, agreements, discussions, exchanges and understandings between them, whether oral or written between the Parties in relation theretorelating to its
subject matter. 

  

	 	Each of the Parties acknowledges that in entering into this Agreement it has not and does not relyied on and shall have no right or remedyies in respect of any
statement, representation, assurance or warranty (whether or not made innocently or negligently) other than as is expressly set out in this Agreement. 

 

	 	Any terms implied into this Agreement by any applicable statute or law are hereby excluded to the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude any liability for fraud.

  

													
		 		 		 		 	
	For and on behalf of the Sellers	 		 	For and on behalf of the Buyers	 		 	
	Name:	 	Christian Michael Ingerslev	 		 	Name:	 	 Egied Verbeeck
	 		 	Paddy Rodgers
							
	Title:	 	Attorney-in-fact	 		 	Title:	 	 General Counsel
	 		 	CEO

  

	19.	Trading and delivery of the Vessel 

 The Sellers also undertake with the Buyers not to employ the
Vessel in contradiction with any sanctions against any sovereign nation issued by the European Union, United States of America or United Nations. 

The Sellers shall indemnify the Buyers in relation to any fines or penalties which may be applied by any regulatory authorities in relation to the trading
of the Vessel prior to the date of delivery of the Vessel. 
  

	20.	Notices 

 The days on which any notice is given by one party to the other will be excluded from the
total number of days required for such notice. 

 

  

	
	 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to
the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’
Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

  
 10EX-10.18

 Exhibit 10.18 

Execution Version 
 Framework Agreement 

in relation to the sale of VLCC vessels 
 dated
7 July 2014 
 between 
 Maersk Tankers Singapore Pte
Ltd 
 as Sellers 
 and 

Euronav NV or a nominated company (fully guaranteed by Euronav NV) 

as Buyers 
 1224538 

 Contents 
  

							
	 1
	 	 DEFINITIONS
	  	 	3	  
	 2
	 	 SALE OF THE VESSELS
	  	 	4	  
	 3
	 	 ACCEDING BUYERS
	  	 	4	  
	 4
	 	 PURCHASE PRICE AND DEPOSIT
	  	 	5	  
	 5
	 	 DELIVERY OF THE VESSELS
	  	 	6	  
	 6
	 	 THE CHARTER PARTIES
	  	 	7	  
	 7
	 	 GENERAL DEFAULT PROVISION
	  	 	7	  
	 8
	 	 BUYERS’ DEFAULT
	  	 	8	  
	 9
	 	 SELLERS’ DEFAULT
	  	 	9	  
	 10
	 	 MISCELLANEOUS DEFAULT PROVISION
	  	 	9	  
	 11
	 	 SIGNING
	  	 	10	  
	 12
	 	 CONDITIONS
	  	 	10	  
	 13
	 	 GOVERNMENTAL APPROVALS
	  	 	10	  
	 14
	 	 INTEREST
	  	 	11	  
	 15
	 	 ASSIGNMENT
	  	 	11	  
	 16
	 	 CONFIDENTIALITY
	  	 	11	  
	 17
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	12	  
	 18
	 	 INTERPRETATION
	  	 	12	  
	 19
	 	 COSTS AND EXPENSES
	  	 	13	  
	 20
	 	 CONFLICT BETWEEN PROVISIONS
	  	 	13	  
	 21
	 	 NOTICES
	  	 	13	  
	 22
	 	 GOVERNING LAW AND JURISDICTION
	  	 	14	  
	 23
	 	 LIST OF APPENDICES
	  	 	14	  
	 24
	 	 COUNTERPARTS
	  	 	14	  

  
 1224538 

 
 2 

 This framework agreement (the “Agreement”) is entered into on 7 July 2014 between 

 

	(1)	Maersk Tankers Singapore Pte Ltd, 200 Cantonment Road, 10-00 Southpoint, 089763, Singapore (the “Sellers”); and 

 

	(2)	Euronav NV, 20 De Gerlachekaai, 2000 Antwerp, Belgium or a company to be nominated, such nominee to be fully guaranteed by Euronav NV (“Euronav”). 

WHEREAS: 
  

	A.	The Sellers or their affiliated entities are the bareboat charterers of 4 VLCC vessels (as more particularly defined below, the “Vessels” and individually, a “Vessel”), and the Sellers
have agreed to purchase the Vessels from their current owners. 

  

	B.	The Sellers have agreed to sell and the Buyers (as defined below) have agreed to buy the Vessels on an en bloc basis for a total price of USD 342,000,000 (United States Dollars Three Hundred and Forty TwoMillion) made
up of each Allocated Purchase Price and otherwise on the terms and conditions set out in this Agreement and in the MOAs (as each expression is defined below). 

  

	C.	Three of the Vessels are on time charters to Euronav or its affiliates. The remaining Vessel (“Maersk Hakata”) is currently on time charter to another charterer (Cosmo Oil), and it is the intention to transfer
the Vessel upon completion of the time charter. 

  

	D.	The Parties have agreed that each of the Vessels will be delivered separately to the Buyers and that the delivery date for each Vessel will be nominated by the Sellers in accordance with the provisions set out below and
in the MOAs. 

 IT IS AGREED as follows: 
  

	1	Definitions 

  

	1.1	In this Agreement the following terms and expressions shall have the meaning set out below: 

“Acceding Buyer” shall have the meaning set out in Clause 3.1. 

“Allocated Deposit” shall have the meaning set out in Clause 4.3. 

“Allocated Purchase Price” shall have the meaning set out in Clause 4.2. 

“Buyers” means Euronav and, upon the accession by an Acceding Buyer, that Acceding Buyer in relation to the relevant Vessel.

 “Banking Days” means days on which banks are open in New York, Singapore, London, Antwerp and Copenhagen. 

“Cancelling Date” means 150 days after the Effective Date. 

“Charter Parties” means each of the time charter parties for the Vessels as listed in Appendix 5. 

“Delivery Port” means any area or port worldwide, excluding any area or port within (i) the jurisdiction of the West
Coast of the United States of America; and (ii) any nation prohibited under the laws of the United States of America, the United Nations or the European Union. 

  
 1224538 

 
 3 

 “Delivery Window” means the dates set out against the name of each Vessel in
Appendix 2. 
 “Deposit” shall have the meaning set out in Clause 4.3. 

“Effective Date” means the date upon which (i) the Buyers have confirmed in writing to the Sellers that the conditions in
Clause 12.1 have been satisfied or waived; and (ii) the Sellers have confirmed in writing to the Buyers that the conditions in Clause 12.3 have been satisfied or waived. 

“Escrow Agreement” means the escrow agreement entered into on the same date as this Agreement between the Sellers, the Buyers
and the Escrow Bank attached hereto as Appendix 4. 
 “Escrow Bank” means Nordea Bank Finland Plc, London Branch or such
other bank to be mutually agreed. 
 “Escrow Funds” means the Deposit paid to and held by the Escrow Bank from time to time,
in accordance with Clause 4.3 of the Agreement. 
 “Escrow Payment Letter” means an escrow payment letter to be given by the
Sellers and the Buyers in accordance with Clause 4.3 of the Agreement and the Escrow Agreement. 
 “MOA” means the Norwegian
Saleform 2012 Memorandum of Agreement with amendments for the sale of each Vessel made on the date of this Agreement between the Sellers and the Buyers in each case, in the forms attached as Appendices 1-A to 1-D inclusive to this Agreement. 

“Parties” means each party to this Agreement and any Acceding Buyer nominated by the Buyers in accordance with Clause 3 of
this Agreement. 
 “Purchase Price” shall have the meaning set out in Clause 4.1. 

“Vessels” means the 4 VLCC vessels listed in Appendix 2 to this Agreement and individually, a “Vessel”. 

 

	2	Sale of the Vessels 

  

	2.1	The Sellers hereby agree to sell by way of an en bloc sale, and the Buyers agree to buy, the Vessels on the terms set out in this Agreement, including but not limited to the terms and conditions of the MOAs.

  

	2.2	The Sellers hereby confirm to Euronav that as from the date of this Agreement, the Sellers shall not sell or charter out or agree to sell or charter out any of the Vessels. 

 

	3	Acceding Buyers 

  

	3.1	Any wholly owned subsidiary of the Buyers may accede to this Agreement (an “Acceding Buyer”) by way of (i) executing and delivering to the Sellers an accession deed in the form set out in Appendix
3 and (ii) delivering to the Sellers a copy of its certificate of incorporation and memorandum and articles of association, or equivalent constitutional documents. Upon execution and delivery of an accession deed by any Acceding Buyer and
delivery of such constitutional documents, Euronav may nominate that Acceding Buyer as “Buyers” under a particular MOA in relation to the purchase of an individual Vessel on the terms and conditions of that MOA. 

  
 1224538 

 
 4 

	3.2	Each MOA shall stand alone and the relevant Acceding Buyer shall be fully responsible to the Sellers only for the relevant obligations under this Agreement and the MOA in respect of the Vessel to be acquired by that
Acceding Buyer. 

  

	3.3	Upon accession, each Acceding Buyer in respect of a Vessel’s classification records which have been inspected by Euronav, shall be deemed to have instructed Euronav to carry out such inspection on its behalf and
the Acceding Buyer shall thus have the same rights and obligations as if the Acceding Buyer itself had inspected the Vessel’s classification records. It is noted that Euronav (on the Buyers’ behalf) have inspected and accepted the
Vessels’ classification records. The Buyers have waived their right to physically inspect the Vessels and as a consequence the Buyers accept that the sale is outright and definite, subject only to the terms and conditions of this Agreement and
each MOA. 

  

	3.4	Notwithstanding any nomination of an Acceding Buyer for one or more individual Vessel(s) pursuant to Clause 3.1, Euronav shall remain fully responsible for any and all the obligations of each of the Acceding Buyers
under this Agreement and each MOA. In consideration of the Sellers entering into this Agreement and the MOAs, Euronav unconditionally and irrevocably guarantees and agrees to guarantee (as primary obligor and not as surety only) the performance of
any Acceding Buyer’s obligations under this Agreement and the purchase of the individual Vessel under the relevant MOA. As a separate continuing obligation, Euronav indemnifies and agrees to indemnify the Sellers from and against any and all
losses which the Sellers may suffer or incur as a consequence of the failure of an Acceding Buyer to fully perform all of its respective obligations under the relevant MOA in accordance with the terms thereof. The obligations of Euronav under this
Clause shall remain in full force and effect notwithstanding (i) any intermediate settlement of the guaranteed or indemnified obligations, (ii) any amendment of this Agreement or any MOA, (iii) any event described in clause 7.1
affecting of any Acceding Buyer or (iv) any other event or matter whatsoever. 

  

	4	Purchase price and deposit 

  

	4.1	The total purchase price for all the Vessels is USD 342,000,000 (United States Dollars Three Hundred and Forty Two Million) (the “Purchase Price”). 

 

	4.2	The allocated purchase price for each of the Vessels is set out in Appendix 2 (each, an “Allocated Purchase Price”). 

 

	4.3	As security for the correct fulfilment of this Agreement Euronav shall pay on its own behalf and on behalf of the Acceding Buyers a deposit of 10% (ten per cent) of the Purchase Price, equal to USD 34,200,000 (United
States Dollars Thirty Four Million Two Hundred Thousand) no later than 2 (two) Banking Days after the Effective Date (the “Deposit”). The Deposit shall be paid to the Escrow Bank no later than 2 (two) Banking Days after the
Effective Date. This Deposit shall be placed as Escrow Funds with the Escrow Bank and held by it in an account in the name of the Sellers in accordance with the Escrow Agreement between the Sellers, the Buyers and the Escrow Bank attached hereto as
Appendix 4 and the relevant part of the Deposit (being 10% (ten per cent) of the Allocated Purchase Price for that Vessel, each an “Allocated Deposit”) is to be released upon the Buyers and Sellers signing a protocol of delivery and
acceptance in respect of that relevant Vessel or released as otherwise provided in this Agreement or the Escrow Agreement. Simultaneously with signing the protocol of delivery and acceptance the Sellers and the Buyers shall also be obliged to sign
an Escrow Payment Letter under the Escrow Agreement thereby releasing the relevant Allocated Deposit. Interest on the Deposit, if any, shall be credited to the Buyers upon delivery of each Vessel by reference to the Allocated Deposit. Any fee
charged for holding the Deposit shall be borne equally by the Sellers and the Buyers. 

  

	4.4	The remaining part of the Allocated Purchase Price (i.e. 90% (ninety per cent)) for a Vessel plus any other amount due under the relevant MOA shall be paid in full free of bank charges by way of conditional payments
using SWIFT messages MT202 and MT199 to the Escrow Bank on delivery of the relevant Vessel or, subject to the consent of the Buyers’ financing bank, 1 (one) Banking Day prior to delivery. 

  
 1224538 

 
 5 

	4.5	When the Vessel is in every respect physically ready for delivery in accordance with the terms of the relevant MOA, the Sellers shall give the Buyers a written Notice of Readiness for delivery in accordance with the
terms of this Agreement and the relevant MOA. The Buyers shall then take delivery of the Vessel promptly but not later than 3 (three) Banking Days after the date that the Notice of Readiness has been given. The Allocated Deposit shall be released
from the Escrow Funds in accordance with Clause 4.3 and paid to the Sellers for the relevant Vessel, and the Buyers and Sellers shall jointly instruct the Escrow Bank to release this amount by sending the Escrow Payment Letter simultaneously with
the release of the payment of the remainder of the Allocated Purchase Price by the Buyers. 

  

	4.6	The Allocated Purchase Price of each Vessel and any other amounts due from the Buyers to the Sellers under this Agreement or each MOA shall be paid by the Buyers to the Sellers in full without any set-off, counterclaim,
deduction or withholding unless such right of set-off, counterclaim, deduction or withholding is specified in this Agreement or the MOA. 

  

	5	Delivery of the Vessels 

  

	5.1	Each Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or anchorage at the Vessel’s Delivery Port which is to be nominated by the Sellers in accordance with the terms of this
Clause 5 and the relevant MOA. 

  

	5.2	Notwithstanding Clause 5.1, if the intended location of a Delivery Port entails a risk of an adverse tax effect for the Buyers or the Sellers as a result of the transfer of title to a Vessel, the Sellers and the Buyers
shall be obliged to postpone submission of a Notice of Readiness and the transfer of title of such Vessel until the Vessel is in such location where there is no risk of such adverse tax effects. The Sellers and the Buyers shall cooperate in this
respect, including evaluating the possibility of a transfer of title of the Vessel in international waters. 

  

	5.3	Subject to the other provisions of this Clause 5, delivery of the Vessels shall take place within the Delivery Window for each Vessel. At the time of delivery each Vessel shall be free from all encumbrances, taxes,
mortgages and maritime liens and any other debts whatsoever, and shall not be subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers against the consequences of claims made against the Vessel
which have been incurred prior to the time of delivery. 

  

	5.4	The Sellers shall nominate an estimated delivery date and time for each of the Vessels in the Sellers’ absolute discretion by giving the Buyers 20, 15, 10, 5 and 3 days’ notice of the estimated time of arrival
at the anticipated Delivery Port or other place of delivery nominated by the Sellers in accordance with this Clause 5. 

  

	5.5	All Vessels shall be delivered (i) not earlier than 6 weeks after the Effective Date (for the Buyers’ financing purposes) and (ii) after completion of the upcoming voyage(s) of the relevant Vessel
following the expiry of the aforementioned 6 weeks but delivery shall in all circumstances be effected no later than the Cancelling Date with the exception of Maersk Hakata which will be delivered upon completion of the Cosmo Charter. Latest four
(4) weeks after the Effective Date Sellers will provide Buyers with a non-binding tentative delivery overview specifying current known schedule of each Vessel and identifying the upcoming voyage(s) for the purposes of (ii) above. As 3 of
the Vessels are on time charters to Euronav or Euronav affiliates entities it is agreed that the abovementioned delivery process shall be conducted in good cooperation between the Parties. If Buyers have difficulty providing the technical management
required to take Delivery of one or more Vessels, Sellers will use all reasonable efforts to offer technical management services for any or all of the 4 Vessels for a period up to 6 months from Delivery of the relevant Vessel(s) on each relevant
Vessel against Buyers informing Sellers of the relevant Vessels no later than 10 days after receiving the non-binding tentative overview and with the Parties being obliged to co-operate in good faith should such notice provide a challenge to the
Sellers. Such services will be provided at actual cost plus USD 20,000 in administration fee per month per Vessel as per executed Shipman agreed between the parties no later than 30 days after the Effective Date. The form of Shipman shall reflect
that the Buyers shall not be responsible for Severance Costs or post-termination Management Fees, but the Buyers are responsible for pro rata Crew Support Costs in accordance with ordinary Maersk principles. 

  
 1224538 

 
 6 

	5.6	In order to assist a smooth delivery of the Vessels as set out in this Clause 5 the Parties agree to cooperate in good faith (as may be reasonably required) in connection with the delivery of the Vessels.

  

	5.7	As of the date of this Agreement and until delivery of the Vessels, the Sellers undertake not to employ the Vessels in contradiction with any sanctions against any sovereign nation issued by the European Union, United
States of America or United Nations. 

  

	5.8	The Parties acknowledge that the Sellers are exiting the VLCC sector and that all spare parts and spare equipment relating to the Vessels are included in the sale. If any such spare parts and equipment are fleet spares
and are not allocated to any specific Vessel they shall not be sold or otherwise disposed of during the currency of this Agreement and shall be delivered to the Buyers, immediately if required for a delivered Vessel’s operation, and in any case
not later than 180 days after the Effective Date. The Sellers shall provide to the Buyers a list of critical spares and all spares as per vessel Planned Maintenance System and any other information reasonably requested in relation to spare parts and
equipment and their location. Forwarding charges, if any, shall be for the Buyers’ account. The Sellers are not required to replace spare parts taken out of spare and used as replacement on one of the Vessels prior to delivery of that Vessel.

  

	5.9	The Sellers agree that spares shall be maintained at normal operating levels, properly stored and maintained or repaired (as necessary) until the time of delivery. 

 

	5.10	In respect of each Vessel where the Sellers are also the technical manager, notwithstanding any other provision to the contrary in this Agreement or any prior technical management agreement between Sellers and Buyers,
it is agreed that in the period following the Effective Date until expiry or termination of the relevant technical management agreement, the Sellers are required to seek Buyers’ prior written approval to the quantity and price of any supply of
lubricating or hydraulic oils or greases on the Vessels. 

  

	6	The Charter Parties 

  

	6.1	In respect of the Charter Parties for Maersk Hakone, Maersk Hirado and Maersk Hojo which are entered into with Euronav or Euronav affiliated entities, the Parties agree that these Charters shall either be cancelled or
novated to the relevant Buyers and in both instances without any further approval from or compensation to the relevant charterers and/or Buyers save as provided in the relevant cancellation or novation agreement with regard to obligations,
liabilities and claims accrued on account of the Sellers in their capacity as owners under the Charter Parties up to the effective date and time of cancellation or novation. In case a novation is required the Buyers shall have the right to request
technical management in accordance with Clause 5.5. The Buyers shall assist with a suitable place for delivery in order to assist the Sellers with the delivery of the Vessels. 

 

	6.2	Maersk Hakata shall be delivered upon the completion of the Cosmo Charter Party. Maersk Hakata is due for special survey and dry dock in beginning of 2015 (around 1 March 2015) and any expense in this connection is
to be for Buyers’ account. 

  

	7	General default provision 

  

	7.1	Without prejudice to any rights that have accrued under this Agreement or any of its rights or remedies, either Party may terminate this Agreement with immediate effect by giving notice to the other Party if:

  

	7.1.1	the other Party suspends payment of its debts, or is unable to pay its debts as they fall due or admits inability to pay its debts, or is deemed unable to pay its debts within the meaning of section 123 of the English
Insolvency Act 1986; or 

  
 1224538 

 
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	7.1.2	the other Party defaults under any indebtedness for borrowed money, which default (a) is caused by a failure to pay principal of, or interest or premium, if any, on such indebtedness prior to the expiration of the
grace period provided in such indebtedness (“payment default”) or (b) results in the acceleration of such indebtedness prior to the maturity date on which the payment of principal is due and payable (excluding any contingent
obligations to repay, redeem or repurchase any such principal prior to the date originally scheduled for the payment thereof); and, in each case, (i) the principal amount of any such indebtedness, together with the principal amount of any other
such indebtedness under which there has been a payment default or the maturity of which has been so accelerated, aggregates USD 20.0 million or more; and (ii) such circumstances reasonably impact upon the ability of the Party in default to
perform their obligations under this Agreement or any of the MOAs; or 

  

	7.1.3	a petition is filed, a notice is given, a resolution is passed, or an order is made, for or in connection with the winding up of that other Party, and that petition, notice, resolution or order is not discharged within
14 (fourteen) days; or 

  

	7.1.4	an application is made to court, or an order is made, for the appointment of an administrator, or if a notice of intention to appoint an administrator is given or if an administrator is appointed, over the other Party,
and that application, order, notice or appointment is not discharged within 14 (fourteen) days; or 

  

	7.1.5	a person becomes entitled to appoint a receiver over the assets of the other Party or a receiver is appointed over the assets of the other Party; or 

 

	7.1.6	the other Party is the subject of a bankruptcy petition or order, and that petition or order is not discharged within 14 (fourteen) days; or 

 

	7.1.7	the other Party fails to pay final judgments aggregation in excess of USD 20 million (net of any amounts that a reputable and creditworthy insurance company has acknowledged liability for in writing) which
judgments are not paid, discharged or stayed for a period of 60 days and such circumstances reasonably impact upon the ability of the Party in default to perform their obligations under this Agreement or any of the MOAs; or 

 

	7.1.8	the other Party suspends or ceases carrying on all or a substantial part of its business. 

 For
the purposes of this Clause 7.1, the Sellers constitute one Party and the Buyers constitutes the other Party. 
  

	7.2	Should the Deposit not be paid in accordance with Clause 4.3, the Sellers shall have the right to terminate this Agreement with immediate effect by giving notice to the Buyers. 

 

	7.3	The remedies available to the Sellers in the case of the Buyers’ default under this Clause are set out in Clause 8, and the remedies available to the Buyers in case of the Sellers default under this Clause are set
out in Clause 9. 

  

	8	Buyers’ default 

  

	8.1	Should the Allocated Purchase Price for a Vessel not be paid in accordance with this Agreement and the terms and conditions of the MOA, the Sellers have the right to either: 

 

	8.1.1	terminate the MOA for the Vessel, in which case the full amount of the Allocated Deposit remaining in the escrow account (as per Clause 4.3) together with interest earned shall be forfeited and immediately released to
the Sellers. If the Sellers’ losses exceed the amount received in this way, the Sellers shall be entitled to claim further compensation from the Buyers for their losses in relation to that Vessel; or 

 

	8.1.2	 terminate this Agreement (which for the avoidance of doubt include all of the MOAs relating to Vessels which have not been delivered) in which case
the aggregate of (i) the Allocated Deposit in relation to that Vessel, and (ii) 30% of the balance of all of the remaining Escrow 

  
 1224538 

 
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Funds after deduction of such Allocated Deposit together with interest earned, shall be forfeited and immediately released to the Sellers in full and final settlement of any claims which the
Sellers might otherwise have against the Buyers under this Agreement and/or any of the MOAs (relating to Vessels which have not been delivered) and the remaining balance of the Escrow Funds together with any interest accrued thereon shall be
immediately returned to the Buyers. 

  

	8.2	Should the Sellers terminate this Agreement under the provisions of Clause 7 (other than Clause 7.2), the full amount of the Escrow Funds (if any) together with interest earned shall be forfeited and immediately
released to the Sellers. If the Sellers’ losses exceed any amount received in this way, the Sellers shall be entitled to claim compensation for their losses. 

 

	8.3	Should the Sellers terminate this Agreement under the provisions of Clause 7.2 (being a result of the Buyers not having paid the Deposit in accordance with the terms of this Agreement), the Sellers shall be entitled to
claim compensation for their losses. 

  

	9	Sellers’ default 

  

	9.1	Should any Vessel become an actual, constructive or compromised total loss (in each case, as so determined by the Vessel’s insurers) before it has been delivered to the Buyers in accordance with this Agreement and
the relevant MOA, such Vessel shall be excluded from the sale of the Vessels to the Buyers and the Purchase Price shall be reduced by the relevant Allocated Purchase Price. The Allocated Deposit for the Vessel shall promptly be released to the
Buyers together with interest earned in relation to that Vessel and the relevant Acceding Buyers shall be fully and finally released by the Sellers from all of their obligations under this Agreement and the relevant MOA in relation to the relevant
Vessel. Otherwise, this Agreement shall not be affected in any way. The Buyers shall not be entitled to terminate this Agreement or to bring any other claim whatsoever against the Sellers for this reason (except for a breach by the Sellers of this
Clause 9.1) and likewise the Sellers shall not be entitled to bring any claim against the Buyers in such a total loss situation. 

  

	9.2	Subject to the provisions of Clause 9.1, should the Sellers fail to give Notice of Readiness in accordance with the terms and conditions of the MOA for any Vessel, or fail to be ready to validly complete a legal
transfer of any Vessel by the Cancelling Date the Buyers shall have the option of terminating the MOA for any such Vessel. If, after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically
ready for delivery and is not made physically ready again in every respect and a new Notice of Readiness given within the Cancelling Date the Buyers shall retain their option to terminate the MOA for the Vessel. The Sellers shall indemnify the
Buyers in respect of any losses arising from the withdrawal of a Notice of Readiness under this Clause 9.2. 

  

	9.3	Should the Buyers terminate the sale of a Vessel pursuant Clause 9.2 such Vessel shall be excluded from the sale of the Vessels to the Buyers and the Purchase Price shall be reduced by the relevant Allocated Purchase
Price. The Allocated Deposit for the Vessel shall promptly be released to the Buyers together with interest earned in relation to that Vessel. Otherwise, this Agreement shall not be affected in any way. The Buyers shall not be entitled to terminate
this Agreement or to bring any other claim whatsoever against the Sellers for this reason and likewise the Sellers shall not be entitled to bring any claim against the Buyers in such a situation. 

 

	9.4	Without prejudice to Clause 9.2, should the Buyers terminate this Agreement under the provisions of Clause 7, the full remaining balance of the Escrow Funds (together with interest earned thereon) shall be released to
them immediately and the Buyers shall be entitled to claim further compensation for their losses. 

  

	10	Miscellaneous default provision 

  

	10.1	Apart from the right to terminate this Agreement as set out in the provisions of Clauses 7, 8, 9, the termination provisions of Clause 13 and the conditions of Clause 12, neither Party shall be entitled to terminate
this Agreement for any reason whatsoever. 

  

	10.2	The termination of this Agreement for any reason whatsoever shall have no retrospective effect on the rights and obligations of the Parties in respect of any Vessels which have been delivered at such time.

  
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	11	Signing 

  

	11.1	At the signing of this Agreement, the Sellers have delivered to the Buyers: 

  

	11.1.1	documentary evidence from relevant corporate bodies of the Sellers authorising the signing of this Agreement and the consummation of the transactions contemplated under this Agreement. 

 

	11.2	At the signing of this Agreement, the Buyers have delivered to the Sellers: 

  

	11.2.1	documentary evidence from relevant corporate bodies of the Buyers authorising the signing of this Agreement and the consummation of the transactions contemplated under this Agreement. 

 

	12	Conditions 

  

	12.1	Euronav’s obligation to consummate the transactions contemplated in this Agreement are subject to Euronav confirming to the Sellers in writing that the conditions set out in Clauses 12.1.1 are satisfied.

  

	12.1.1	Euronav’s board approval The necessary approvals to the transactions contemplated by this Agreement have been obtained from Euronav’s board of directors. 

 

	12.2	If the Buyers have not confirmed to the Sellers in writing on or prior to 11 July 2014, 1200 hours CET that the conditions set out in Clause 12.1 have been satisfied or waived, this Agreement shall, unless
otherwise agreed between the Parties, be null and void and of no further effect and without any liability on either Party. 

  

	12.3	The Sellers’ obligations to consummate the transactions contemplated by this Agreement are subject to the Sellers confirming to the Buyers in writing that the conditions set out in Clause 12.3.1 are satisfied.

  

	12.3.1	Sellers’ board approval The necessary approvals to the transactions contemplated by this Agreement have been obtained from the Sellers’ executive committees and/or board of directors. 

 

	12.4	If the Sellers have not confirmed to the Buyers in writing on or prior to 7 July 2014, that the condition set out in Clause 12.3 has been satisfied, this Agreement shall, unless otherwise agreed between the
Parties, be null and void and of no further effect and without any liability on either Party. 

  

	13	Governmental Approvals 

  

	13.1	The Buyers confirm they have made customary and reasonable inquiries to investigate if the consummation of the transactions contemplated by this Agreement and the MOAs require notification to or approval/clearance by
any regulatory or competition authority in any jurisdiction. Should any notifications or approvals/clearances be required the Buyers are solely responsible for taking any and all steps necessary for obtaining any clearance(s) required by the Buyers
and/or the Sellers under any antitrust or competition law to consummate the transactions under this Agreement and the MOA’s in accordance with the agreed delivery dates. 

 

	13.2	If relevant, the Buyers shall prepare and submit relevant submissions, filings, etc. as soon as reasonably practicable provided the Sellers have adequately and timely provided the Buyers with information and documents
reasonably requested by the Buyers to fulfill their obligations. The Buyers and the Sellers shall cooperate in this respect and the Sellers shall be given reasonable time to comment on any submissions, filings, etc. and the Buyers shall take the
reasonable comments of the Sellers into account. 

  
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	13.3	If the Buyers are not able or willing to consummate the transactions set forth herein due to lack of any required clearance or due to any other governmental approval related issue the Sellers shall be entitled to
terminate this Agreement and the full amount of the Escrow Funds together with interest earned shall be forfeited and immediately released to the Sellers. If the Sellers’ losses exceed any amount received in this way, the Sellers shall be
entitled to claim (further) compensation for their losses, however, up to a maximum amount of the amount of the Purchase Price not then received by the Sellers (after deduction of the Escrow Funds (if any) released to the Sellers).

  

	14	Interest 

  

	14.1	If a Party fails to make any payment due to another Party under this Agreement by the due date for payment, then the defaulting Party shall pay interest on the overdue amount at the rate of 3% (three per cent) per annum
above 3 months LIBOR as such is fixed on the date on which such failure to make payment occurs. Such interest shall accrue on a daily basis from the due date until actual payment of the overdue amount, whether before or after judgment. The
defaulting Party shall pay the interest together with the overdue amount. 

  

	15	Assignment 

  

	15.1	Except for accession of an Acceding Buyer under Clause 3, neither Party shall assign, novate, transfer, mortgage, charge, subcontract or deal in any other manner with any of its rights and obligations under this
Agreement without the prior written consent of the other Party. 

  

	16	Confidentiality 

  

	16.1	Each Party undertakes that it shall not at any time during this Agreement, disclose the commercial terms of this Agreement and the MOAs or any information which should reasonably be considered to be private or
confidential concerning the business (including, without limitation, any customer or suppliers) of the other Party to any person which is not (i) an employee, (ii) professional advisor, (iii) representative or (iv) director or
officer of such Party and any agents or affiliates of such Party (on a need to know basis) (v) potential financing parties (and then only on a need to know basis) or except as may be required by law, court order or any governmental or
regulatory authority. 

  

	16.2	No Party shall make, or permit any person to make, any public announcement, communication or circular (announcement) concerning this Agreement without the prior written consent of the other Party (such consent not to be
unreasonably withheld or delayed). The parties shall consult together on the timing, contents and manner of release of any announcement, but it is expressly agreed that no announcements shall be made prior to the date and time referred to in Clause
16.5 herein. 

  

	16.3	Where an announcement is required by law or any governmental or regulatory authority (including, without limitation, any relevant securities exchange), or by any court or other authority of competent jurisdiction, the
Party required to make the announcement shall promptly notify the other Party. The Party concerned shall make all reasonable attempts to agree the contents of the announcement with the other Party before making it. 

 

	16.4	This Clause 16 shall apply whether or not the Effective Date occurs. 

  

	16.5	The Parties may issue a press release/stock exchange announcement after 1800 hours CET on 11 July 2014 and shall use reasonable endeavours to agree the wording of such press release/stock exchange announcement with
the other Party. If the Buyer is obliged by the rules of the relevant stock exchange to make such announcement, it may do so, but shall use reasonable endeavours to agree the wording of such press release/stock exchange announcement with the other
Party. 

  
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	17	Representations and warranties 

  

	17.1	Each of the Parties represents and warrants to the other as follows: 

  

	17.1.1	it is a corporation duly established and existing under the laws of the place of its incorporation and has full power and authority to carry on its business as now conducted and no authorisations, consents or approvals
are required in connection with this Agreement; 

  

	17.1.2	it has full power, authority and legal right to execute, deliver and perform the terms of this Agreement; 

  

	17.1.3	this Agreement has been duly executed and delivered by it and constitutes its legal, valid and binding obligations (subject to insolvency and other laws affecting creditors’ rights generally); and

  

	17.1.4	it is not aware of any pending actions or proceedings before any court of administrative agency which might materially affect its ability to perform its obligations under this Agreement. 

 

	17.2	The representations and warranties in this Clause shall survive execution and delivery of this Agreement and shall be deemed to be repeated by the Buyers at the time of accession of any Acceding Buyer to this Agreement
and by both Parties on the date of delivery of each Vessel. 

  

	18	Interpretation 

  

	18.1	This Agreement and the MOAs constitute the entire agreement and understanding between the Parties and supersede and extinguish all previous drafts, agreements, arrangements, discussions, exchanges and understandings
between them, whether written or oral, relating to its subject matter. 

  

	18.2	Each Party acknowledges that in entering into this Agreement and the MOAs it has not and does not rely on, and shall have no right or remedies in respect of, any statement, representation, assurance or warranty (whether
made innocently or negligently) that is not expressly set out in this Agreement or any MOA. 

  

	18.3	Any terms implied into this Agreement or the MOAs by any applicable statute or law are hereby excluded to the extent that such exclusion can legally be made. Nothing in this Agreement shall limit or exclude any
liability for fraud or for death or personal injury caused by the negligence of a Party to the extent not permitted by law. 

  

	18.4	No failure or delay by a Party to exercise any right or remedy provided under this Agreement or any MOA or by law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the
further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy. 

 

	18.5	Without prejudice to the rights of any Acceding Buyer under this Agreement and the relevant MOA, no term of this Agreement or any MOA shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 (or
otherwise) by any party who is not a Party to this Agreement. 

  

	18.6	Each of the Parties undertakes with the other to use its reasonable endeavours to do and perform such other and further acts and execute and deliver any and all other instruments as may be required by law or reasonably
required by the other Party in order to establish, maintain and protect the rights and remedies of the other Party and to carry out and effect the intent and purpose of this Agreement. 

 

	18.7	The Parties shall use reasonable endeavours to satisfy, in a timely manner, their other obligations under this Agreement. 

  

	18.8	This Agreement may be executed in counterparts each of which will constitute one and the same document. 

  
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	19	Costs and expenses 

  

	19.1	Whether or not the Effective Date occurs, each of the Parties shall bear their own costs and expenses including (i) fees with respect to their external advisors, including auditors and lawyers and (ii) public
charges of any nature. 

  

	20	Conflict between provisions 

  

	20.1	The Appendices attached to the Agreement shall form an integrated part hereof. In case of any ambiguity or conflict between the provisions of this Agreement (excluding the ambiguous or conflicting Appendix) and the
provisions of any Appendix (including, without limitation, any MOA), the terms of this Agreement (excluding the ambiguous or conflicting Appendix) shall prevail. 

 

	21	Notices 

  

	21.1	Any communication to be made under or in connection with this Agreement shall be made in writing and, unless otherwise stated, may be made by letter (by courier/hand delivery) or E-mail as follows: 

If to Maersk Tankers Singapore Pte Ltd: 

c/o Maersk Tankers A/S 

Esplanaden 50 
 1098 Copenhagen K

 Denmark 
 For the attention
of: Head of Business Development 
 Email: claus.gronborg@maersk.com 

cc 
 For the attention of: Head of
Legal 
 Email: anette.ryde@maersktankers.com 

If to the Buyers: 
 Euronav NV

 20 De Gerlachekaai 
 2000
Antwerp 
 Belgium 
 For the
attention of: Chief Executive Officer 
 Email: management@euronav.com 

cc 
 For the attention of: General
Counsel 
 Email: legal@euronav.com 

or any substitute address or Email-address or department or officer as any Party may notify to the other Party. 

 

	21.2	The receipt of any notices or other communication from a Party made by E-mail shall also be forwarded by letter (by courier/hand delivery) unless the E-mail is confirmed as received by the other Party.

  
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	22	Governing law and jurisdiction 

  

	22.1	This Agreement or any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this
Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause. 

 

	22.2	The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration proceedings are commenced. 

 

	22.3	The reference shall be to three arbitrators. A Party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other Party requiring the other Party to
appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other Party appoints its own arbitrator and gives notice that it has done so within the 14 days
specified. If the other Party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the Party referring a dispute to arbitration may, without the requirement of any further prior notice to the other
Party, appoint its arbitrator as sole arbitrator and shall advise the other Party accordingly. The award of a sole arbitrator shall be binding on both Parties as if he had been appointed by agreement. 

 

	22.4	In the event that there are multiple claimants and/or multiple respondents, the reference shall be to three arbitrators. Two of these shall be appointed by the Parties as defined in this Agreement: one by the Sellers
for their party in the dispute (either the claimants or the respondents), and one by the Buyers (which shall include any Acceding Buyer) for their party in the dispute. Otherwise, the appointment of arbitrators shall follow the procedure set out in
Clause 22.3. 

  

	22.5	Nothing herein shall prevent the Parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. 

 

	22.6	In cases where neither the claim nor any counterclaim exceeds the sum of USD 50,000 (or such other sum as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure
current at the time when the arbitration proceedings are commenced. 

  

	23	List of Appendices 

  

	23.1	The following Appendices are attached to this Agreement: 

  

			
	Appendix 1-A to 1-D:	  	MOAs for the sale of each Vessel
		
	Appendix 2:	  	List of the Vessels and Delivery Windows
		
	Appendix 3:	  	Form of Accession Deed
		
	Appendix 4:	  	Escrow Agreement
		
	Appendix 5:	  	List of Time Charters

  

	24	Counterparts 

  

	24.1	This Agreement and each of the MOAs may be executed in any number of counterparts, each of which shall constitute an original, but all counterparts shall together constitute one and the same instrument.

  
 1224538 

 
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 This Agreement has been entered into on the date stated at the beginning of it. 

 

			
	For and on behalf of
	 Maersk Tankers Singapore Pte Ltd

as Sellers

		
	By:	 	 /s/ Claus Gronborg

		
	Name:	 	 Claus Gronborg

		
	Title:	 	 Attorney-in-fact

	
	For and on behalf of
	 Euronav NV
 as Buyers and
Guarantor

		
	By:	 	 /s/ Hugo De Stoop

		
	Name:	 	Hugo De Stoop
		
	Title:	 	CFO
		
	By:	 	 /s/ Egied Verbeeck

		
	Name:	 	Egied Verbeeck
		
	Title:	 	General Counsel

  
 1224538 

 
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 Appendix 1 – MOA for the sale of each Vessel 

  
 1224538 

 
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 Appendix 2 – List of the Vessels 

List of the Vessels 
  

					
	 Name of Vessel
	  	 Allocated Purchase Price
	  	 Delivery Window

	Maersk Hakata	  	USD 80,000,000 (United States Dollars Eighty Million)	  	As nominated by the Sellers in accordance with Clause 5
			
	Maersk Hakone	  	USD 80,000,000 (United States Dollars Eighty Million)	  	As nominated by the Sellers in accordance with Clause 5
			
	Maersk Hirado	  	USD 86,000,000 (United States Dollars Eighty Six Million)	  	As nominated by the Sellers in accordance with Clause 5
			
	Maersk Hojo	  	USD 96,000,000 (United States Dollars Ninety six Million)	  	As nominated by the Sellers in accordance with Clause 5

  
 1224538 

 
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 Appendix 3 – Form of Accession Deed 

 

			
	To:	  	Maersk Tankers Singapore Pte Ltd
		
	Cc:	  	[—]
		
	From:	  	[                    ], as Acceding Buyer
		
	Dated:	  	[                    ]

 Dear Sirs, 
 Framework
Agreement in relation to the sale of VLCC vessels – Accession Deed 
 We refer to the Framework Agreement dated 7 July 2014 (the
“Agreement”), as amended, supplemented and restated from time to time, and amongst others made between Maersk Tankers Pte Ltd, as Sellers and Euronav NV as Buyers. 

This is an accession deed. 
 Terms defined in the Agreement
shall, unless otherwise defined therein, have the same meaning when used herein. 
  

	1.	[                    ] is a limited company duly incorporated under the laws of
[                    ] with company registration number
[                    ], having its address at
[                                    ]. 

 

	2.	We confirm that we are a wholly owned subsidiary of Euronav NV; and 

  

	3.	We agree that we shall become a Party to the Agreement as Acceding Buyer immediately upon signing this accession deed. 

  

	4.	The provisions in Clause 22 of the Agreement in respect of choice of law and jurisdiction shall apply to this accession deed as if set out in full herein. 

  
 1224538 

 
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 THIS ACCESSION DEED has been executed by the parties mentioned below as a DEED and is delivered on the
date stated above. 
  

			
	[Acceding Buyer]	  	
		
	[EXECUTED as a DEED	  	]
	By: [Acceding Buyer]	  	)
		
	  
	  	Director
		
	  
	  	Director/Secretary
		
	OR	  	
		
	[EXECUTED as a DEED	  	
	By: [Acceding Buyer]	  	
		
	  
	  	Signature of Director
		
	  
	  	Name of Director
		
	in the presence of	  	
		
	  
	  	Signature of witness
		
	  
	  	Name of witness
		
	  
	  	Address of witness
		
	  
	  	
		
	  
	  	
		
	  
	  	
		
	  
	  	Occupation of witness

  
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	Acknowledged by Euronav NV	  	
	as Guarantor	  	
		
		  	Signature of Director
		
	  
	  	Name of Director
		
	  
	  	

  
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 Appendix 4 – Escrow Agreement 

  
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 Appendix 5 – List of Charter Parties 

List of the Vessels 
  

					
	 Name of Vessel
	  	 Date
	  	 Charterer

	Maersk Hakata	  	“Maersk Hakata – CP 25 Jan 2013”	  	Cosmo Oil Co., Ltd
			
	Maersk Hakone	  	5 February 2014	  	Tara Transport Corporation (liberia), guaranteed by Carras Ltd
			
	Maersk Hirado	  	5 February 2014	  	Euronav NV
			
	Maersk Hojo	  	5 February 2014	  	Euronav NV

  
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