Tsakos Energy Navigation Limited (TEN) announced the strategic partnership with Statoil, an international energy company headquartered in Stavanger Norway for the construction and chartering of five to nine purpose built Daewoo Aframax crude tankers with a contract term of five to twelve years including options.

The gross revenues from this project are expected to range between minimum $250 million to approximately $1 billion.

“TEN continues its policy of forging strategic partnerships with international shippers with a track record of Health Safety and Environmental (HSE) performance and financial prudence. We are proud to announce today (December 12) the expansion of our business relationship with Norway-based, Statoil. With this accretive transaction we further modernize and grow responsibly our fleet in cooperation with such a prestigious partner,” Mr. Nikolas P. Tsakos, President and CEO of TEN commented.

Press Release, December 13, 2013; Image: Shipspotting