$3.5 billion of minimum contracted revenue from 82 vessel pro-forma fleet 16-shuttle tanker fleet making TEN one of the largest shuttle tanker owners in the world

TEN, Ltd (NYSE: TEN) announced the delivery and naming of DP2 suezmax shuttle tanker “Anfield DP” from Samsung Heavy Industries Co., Ltd (“Samsung”) in South Korea, the third in a series of 12 DP2 shuttle tankers under construction at Samsung.

The vessel will commence a 10-year employment to a US oil major, with options to extend until the vessel’s 20th year anniversary. The delivery of “Anfield DP” further advances the company’s second phase expansion in the Brazilian offshore space, having established a presence in this “high barriers-to-entry” market since 2012.

With this latest addition, TEN operates seven shuttle tankers on long-term employment, with nine more on order. Minimum gross revenues from the backlog of long-term charters are currently approximately $3.5 billion.

“We welcome another advanced spec shuttle tanker in our fleet. The company continues its tested strategy of divesting its first-generation tankers at very profitable levels while replacing them with high-end specialized tonnage backed by accretive long- term contracts,” Mr. George Saroglou, President & COO of TEN stated. “With a secured revenue backlog of $3.5 billion, supported by blue-chip counterparties, TEN can comfortably continue its growth trajectory and at the same time reward shareholders with healthy dividends,” Mr. Saroglou concluded.

TEN, Ltd. press release