Euronav is being sued for $11.7m by financial advisers that claim they were not fully paid for work on the Belgian tanker giant’s 2018 merger with VLCC specialist Gener8 Maritime.

RMK Maritime said its work on the $1.7bn transaction — dubbed Project Liberate — went far beyond the terms of an advisory agreement struck in July 2016.

Euronav said the legal claim had come out of the blue, years after the advisory agreement was signed. CEO Hugo De Stoop said the case, brought in England’s High Court, would be vigorously defended.