Frontline Ld Fro - Termination Of Charter-in Contract Of Front Splendour
September 22 2015 - 6:01AM
UK Regulatory
TIDMFRO
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.
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#1953666
http://www.frontline.bm/
(END) Dow Jones Newswires
September 22, 2015 06:01 ET (10:01 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Frontline (LSE:FRO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Frontline (LSE:FRO)
Historical Stock Chart
From Apr 2023 to Apr 2024