CMB.TECH sells three suezmaxes

09 Dec 2024 08:00 CET

CMB.TECH SELLS THREE SUEZMAXES

ANTWERP, Belgium, 9 December 2024 – CMB.TECH NV (“CMBT”, “CMB.TECH” or “the
Company”) (NYSE: CMBT & Euronext: CMBT) has sold three Suezmax vessels, Selena
(2007, 150,205 dwt), Cap Victor (2007, 158,853 dwt) & Cap Felix (2008, 158,765
dwt) to a wholly owned subsidiary of CMB NV at today’s market value as part of
the fleet rejuvenation. The sale will generate a capital gain of 70.930 million
USD. The vessels will be delivered to their new owner in December 2024.

The procedure for related parties transactions under Belgian law was applied in
connection with the sale. More information can be found in the legal
announcement attached to this press release. The advice of the committee of
independent directors will be made available on the Company’s website.

Contact

Head of Marketing & Communication - Katrien Hennin

Tel: +32499393470

Email: Katrien.hennin@cmb.tech

Announcement Q4 2024 results – 27 February 2025

About CMB.TECH

CMB.TECH (all capitals) is a diversified and future-proof maritime group. We own
and operate more than 160 seagoing vessels: crude oil tankers, dry bulk vessels,
container ships, chemical tankers, offshore wind vessels, tugboats and ferries.
We also offer hydrogen and ammonia fuel to customers, through own production or
third-party producers.

The company is headquartered in Antwerp, Belgium, and has offices across Europe,
Asia and Africa.

CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol
CMBT.

More information can be found at https://cmb.tech

About CMB

CMB, Compagnie Maritime Belge, is a maritime group with its registered offices
in Antwerp. CMB is the major shareholder of CMB.TECH.

More information can be found at www.cmb.be.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbour protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions and
other statements, which are other than statements of historical facts. The
Company desires to take advantage of the safe harbour provisions of the Private
Securities Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbour legislation. The words “believe”,
“anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “potential”,
“may”, “should”, “expect”, “pending” and similar expressions identify
forward-looking statements.

The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or accomplish
these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include potential legal actions by other parties
relating to the Market Court’s decision, the outcome of the proceedings pending
before the Enterprise Court in Antwerp, the failure of counterparties to fully
perform their contracts with us, the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates and vessel
values, changes in demand for tanker vessel capacity, changes in our operating
expenses, including bunker prices, dry-docking and insurance costs, the market
for our vessels, availability of financing and refinancing, charter counterparty
performance, ability to obtain financing and comply with covenants in such
financing arrangements, changes in governmental rules and regulations or actions
taken by regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events, vessels
breakdowns and instances of off-hires and other factors. Please see our filings
with the United States Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties.

Regulated information - Announcement in application of Article 7:116, §4/1 BCAC

ANTWERP, Belgium, 9 December 2024 – Last Friday, the Supervisory Board of
CMB.TECH NV (“CMB.TECH” or “the Company”) (NYSE: CMBT & Euronext: CMBT) approved
the entry by CMB.TECH into memoranda of agreement regarding the sale of three of
its Suezmax tankers with Bocimar International NV (“BOI”).

BOI, the counterparty to these contracts, is a wholly-owned subsidiary of CMB
NV, the controlling shareholder of the Company and thus is a related party
within the meaning of IAS 24. The transaction is therefore subject to the
procedure provided for in Article 7:116 BCAC.

Details of the transaction

The sale concerns three of the Company’s Suezmax tankers, named the Selena, the
Cap Victor and the Cap Felix (the “Vessels”). The Vessels are not fitted with
dual fuel engines.

The purchase price for the Vessels is based on the highest aggregate fair market
valuation of the Vessels issued by two independent, reputable shipbrokers
(Braemar and VesselsValue). The aggregate purchase price is USD 119,490,000.

Transaction rationale

The transaction enables the Company to manage its portfolio of ships in line
with its strategy of decarbonizing and optimizing its fleet.

The Company will use the net proceeds to fund the committed capital expenditure
on its future proof newbuilt vessels or for initial advances on newbuilt vessels
if future projects are confirmed.

Conclusion of Committee and assessment of auditor

A Committee of three independent members of CMB.TECH’s Supervisory Board
(the “Committee”) has reviewed the terms and conditions of the transaction
documents and has issued a written reasoned advice to the Supervisory Board. In
its advice, the Committee stated that it is of the view that “the transaction is
not manifestly unlawful in nature and that it is unlikely that the transaction
would result in disadvantages to CMB.TECH that are not outweighed by benefits to
CMB.TECH”. The Committee therefore advised favourably on the transaction.

The assessment carried out by CMB.TECH’s statutory auditor provides as follows:
“Based on our assessment, nothing has come to our attention that makes us to
believe that the financial and accounting data referred to in the opinion of the
committee of independent members of the supervisory board dated 5 December 2024
or in the minutes of the supervisory board dated 5 December 2024, motivating the
proposed transaction, are not consistent in all material respects with the
information available to us in the context of our assignment.”

More information:
Access the news on Oslo Bors NewsWeb site

634111_PR_Suezmaxes_CMB.TECH.pdf