Euronav agrees deal to acquire CMB.TECH

The acquisition which was announced on 22 December, is expected to be completed by February 2024, subject to clearance from regulatory authorities and the agreement of Euronav’s shareholders.

The deal forms part of Euronav’s diversification, decarbonisation and reorientation of its crude oil tanker fleet strategy. Alexander de Saverys, Euronav and CMB.TECH’s ceo commended the deal, noting ”We are pleased to announce another significant milestone for Euronav with the acquisition of CMB.TECH. This will allow the company to rapidly and meaningfully execute its diversification and decarbonisation strategy.” 

The sale includes CMB.TECH’s marine, H2 infrastructure and Industry divisions. CMB.TECH’s marine division has developed a number of dual-fuel diesel-hydrogen and diesel-ammonia engines targeting the offshore wind and tugboat and ferry customer segments. The marine division is also developing solutions for larger vessels, including dry bulk vessels, container vessels and chemical tankers. 

The H2 infrastructure division offers hydrogen and ammonia fuel to its customers, including fuels sourced from third party suppliers. 

Following the conclusion of the transaction, Euronav plans to change its name to CMB.TECH, retaining the Euronav name for its tanker division.