TEN Ltd. (TEN) has announced the successful delivery and naming of two DP2 suezmax shuttle tankers, the “Athens 04” and the “Paris 24.” Both vessels were delivered from Samsung Heavy Industries in South Korea and will be employed by a European oil major on a seven-year contract, which includes options for extension until the vessels reach their 15th anniversary. The total gross revenues anticipated from these contracts, excluding any exercised options, are projected to be around $300 million.
The “Athens 04” is now part of the fleet, while the “Paris 24” is scheduled to join in June 2025. This milestone marks the beginning of TEN’s second phase of expansion in the Brazilian offshore sector, where it has successfully established a strong presence since 2013. The addition of these two tankers complements the four already in operation, further solidifying TEN’s position in this competitive segment of the tanker market.
With these latest acquisitions, the company’s total projected gross revenues rise to $3.7 billion, underscoring its commitment to growth in the shuttle tanker sector. Mr. George Saroglou, President and COO of TEN, expressed enthusiasm about the developments. He stated, “This new milestone kickstarts a series of shuttle tanker deliveries set to make TEN one of the largest owners of such high-end tonnage in the world, especially in Brazil.”
He added that with a secured revenue backlog of $3.7 billion from reputable clients, TEN is well-positioned for continued growth, which will enable it to reward shareholders with generous dividends. Mr. Saroglou also noted that this growth path may help the company overcome its current valuation discount from its 52-week high of $31.5 per share.