TEN Ltd. Announces the Building of Nine DP2 Shuttle Tankers in South Korea With 15-Year Employment to Transpetro - Petrobras

Expected gross revenues at $2.0 billion
TEN to become one of the largest independent Shuttle tanker operators

ATHENS, Greece, March 18, 2025 (GLOBE NEWSWIRE) -- TEN, Ltd (NYSE: TEN) (the “Company”) announces the construction of nine DP2 Suezmax Shuttle Tankers with 15-year employment contracts for Petrobras Transporte S.A. (“Transpetro”), Brazil’s largest oil and gas transportation company. The deliveries are scheduled for 2027 and 2028 and TEN intends to build the vessels at Samsung Heavy Industries Co. Ltd. in South Korea, the yard that the Company is currently using for the construction of three DP2 Shuttle Tankers, all on long-term contracts to major oil companies, with deliveries in 2025 and 2026.

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