TEN Delivers Two DP2 Suezmax Shuttle Tankers; Secures Contract In Brazilian Offshore Expansion; Reports $3.7B Of Minimum Contracted Revenues From 82 vessel Pro-forma Fleet

$3.7 billion of minimum contracted revenues from 82 vessel pro-forma fleet

16-vessel shuttle tanker fleet making TEN on the largest shuttle tanker owners in world

ATHENS, Greece, May 01, 2025 (GLOBE NEWSWIRE) -- TEN, Ltd. (TEN) (NYSE:TEN) (the "Company") today announced the delivery and naming of two DP2 suezmax shuttle tankers, the "Athens 04" and the "Paris 24", from Samsung Heavy Industries, Co., Ltd. ("Samsung") in South Korea and concurrent seven-year employment to a European oil major with options to extend until the vessels' 15th year anniversary. Total gross revenues from these two contracts, excluding any optional periods being exercised, are expected in the region of $300 million. The delivery of the "Athens 04" and the naming of the "Paris 24", which is expected in the fleet in June 2025, mark the commencement of TEN's second phase expansion in the Brazilian offshore space, having established a solid presence in this "high barriers-to-entry" market since 2013.

These two vessels, on top of the four already in operation, spearhead TEN's efforts in further cementing its foothold in this demanding segment of the tanker market and propel the fleet's minimum gross revenues to $3.7 billion.