Core Viewpoint - TEN, Ltd. has announced the delivery of two DP2 suezmax shuttle tankers, "Athens 04" and "Paris 24", marking a significant expansion in the Brazilian offshore market with a secured revenue backlog of $3.7 billion from its fleet of 82 vessels [1][3]. Group 1: Company Expansion and Revenue - The delivery of "Athens 04" and the upcoming "Paris 24" is part of TEN's second phase expansion in the Brazilian offshore sector, which has been established since 2013 [1]. - The total gross revenues from the contracts for these two vessels are expected to be around $300 million, excluding any optional periods [1]. - With the addition of these vessels, TEN's minimum gross revenues are projected to reach $3.7 billion, reinforcing its position as one of the largest shuttle tanker owners globally [2][3]. Group 2: Fleet Composition and Future Plans - TEN's current fleet consists of 82 vessels, including twelve DP2 shuttle tankers, with additional vessels under construction, totaling 10.1 million deadweight tonnage (dwt) [6][7]. - The company has a newbuilding program that includes several shuttle tankers and scrubber-fitted vessels, indicating a commitment to modernizing and expanding its fleet [5][7]. - The strategic focus on high-end tonnage in the demanding tanker market is expected to enhance TEN's competitive edge, particularly in Brazil [3].
TEN Ltd. Announces Delivery and Naming of First Two in Series of Twelve DP2 Shuttle Tanker Orders at Samsung Heavy Industries, South Korea