FRO - Termination of charter-in contract of Front Glory
August 05 2015 - 8:01AM
Frontline Ltd. ("Frontline" or the
"Company") has agreed with Ship Finance International Limited
("Ship Finance") to terminate the long term charter for the 1995
built Suezmax tanker Front Glory. Ship Finance has simultaneously
sold the vessel to an unrelated third party. The charter with Ship
Finance is expected to terminate at the end of the third quarter of
2015.
Frontline will receive a
compensation payment of approximately $2.2 million from Ship
Finance for the termination of the current charter.
Following this termination, the
number of vessels on charter from Ship Finance will be reduced to
16 vessels, including 12 VLCCs and four Suezmax tankers.
August 5, 2015
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda
Questions should be directed to:
Robert Hvide Macleod: CEO, Frontline Management AS
+47 23 11 40 84
Inger M. Klemp: CFO, Frontline Management AS
+47 23 11 40 00
Forward Looking Statements
This press release contains forward looking statements. These
statements are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including Frontline
management's examination of historical operating trends. Although
Frontline believes that these assumptions were reasonable when
made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond its control, Frontline cannot give
assurance that it will achieve or accomplish these expectations,
beliefs or intentions.
Important factors that, in the Company's view,
could cause actual results to differ materially from those
discussed in this press release include the strength of world
economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in
demand in the tanker market as a result of changes in OPEC's
petroleum production levels and world wide oil consumption and
storage, changes in the Company's operating expenses including
bunker prices, dry-docking and insurance costs, changes in
governmental rules and regulations or actions taken by regulatory
authorities, potential liability from pending or future litigation,
general domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events,
and other important factors described from time to time in the
reports filed by the Company with the United States Securities and
Exchange Commission.
Important Information For
Investors And Shareholders
This communication does not constitute an offer to
sell or the solicitation of an offer to buy any securities or a
solicitation of any vote or approval. In connection with the
proposed transaction between Frontline and Frontline 2012,
Frontline will file relevant materials with the Securities and
Exchange Commission (the "SEC"), including a registration statement
of Frontline on Form F-4 that will include a joint proxy statement
of Frontline 2012 and Frontline that also constitutes a prospectus
of Frontline, and the joint proxy statement/prospectus will be
mailed to shareholders of Frontline 2012 and Frontline. INVESTORS
AND SECURITY HOLDERS OF FRONTLINE 2012 AND FRONTLINE ARE URGED TO
READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT
WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN
THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. Investors and security holders will be able to
obtain free copies of the registration statement and the joint
proxy statement/prospectus (when available) and other documents
filed with or furnished to the SEC by Frontline through the website
maintained by the SEC at http://www.sec.gov. Copies of the
documents filed with or furnished to the SEC by Frontline will be
available free of charge on Frontline's website at
http://www.frontline.bm. Additional information regarding the
participants in the proxy solicitations and a description of their
direct and indirect interests, by security holdings or otherwise,
will be contained in the joint proxy statement/prospectus and other
relevant materials to be filed with or furnished to the SEC when
they become available.
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Frontline Ltd. via Globenewswire
HUG#1943776
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