FRO - Termination of charter-in contract of Front Splendour
September 22 2015 - 6:10AM
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
Splendour, which has surveys due end this year. Ship Finance has
simultaneously sold the vessel to an unrelated third party. The
charter with Ship Finance is expected to terminate in the fourth
quarter of 2015.
Frontline will receive a compensation payment of
approximately $1.3 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 15 vessels,
including 12 VLCCs and three Suezmax tankers.
September 22, 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 00 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.
HUG#1953666
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