TEN, Ltd. announces delivery, naming of two DP2 suezmax shuttle tankers

TEN announced the delivery and naming of two DP2 suezmax shuttle tankers, the “Athens 04” and the “Paris 24”, from Samsung Heavy Industries in South Korea and concurrent seven-year employment to a European oil major with options to extend until the vessels’ 15th year anniversary. Total gross revenues from these two contracts, excluding any optional periods being exercised, are expected in the region of $300M. The delivery of the “Athens 04” and the naming of the “Paris 24”, which is expected in the fleet in June, mark the commencement of TEN‘s second phase expansion in the Brazilian offshore space.