Euronav to acquire design firm specialising in hydrogen-fuelled vessels

Antwerp-based shipping company Euronav and controlling shareholder CMB have entered into a share purchase agreement for the acquisition of 100 per cent of the shares in CMB.Tech for a purchase price of US$1.15 billion in cash.

CMB.Tech builds, owns, operates, and designs large marine and industrial applications that run on dual-fuel diesel-hydrogen and diesel-ammonia engines and monofuel hydrogen engines. The company specialises in the development of hydrogen-fuelled vessels, which include a new series of catamaran windfarm crewboats designed for operation in the North Sea.

The transaction is subject to important conditions, including approval by a special general meeting of Euronav’s shareholders and customary waivers of change of control provisions in view of the rollover of certain contracts.

Euronav and CMB expect to close the transaction in February 2024.