FRO - Sale of six medium range tankers
June 13 2016 - 7:16AM
Frontline Ltd. (the "Company" or
"Frontline") (NYSE:FRO - OSE:FRO) today
announced that it has entered into an agreement whereby the
Company will sell its six medium range tankers for an aggregate
sale price of $172.5 million to an unaffiliated third
party. The vessels will be delivered by Frontline during
September and October 2016.
Robert Hvide Macleod, Chief
Executive Officer of Frontline Management AS commented:
"We are pleased to have
completed this transaction, which leaves Frontline with a
focused crude oil tanker fleet comprised of
VLCCs, Suezmax tankers and LR2 tankers. Our primary exposure
and growth focus is towards the crude tanker market, and our LR2
tankers can be deployed in both the crude oil and refined
product trades, leaving us with attractive optionality."
Following this transaction,
Frontline's fleet, including newbuildings, consists of 79
vessels with an aggregate capacity of approximately 15.3
million dwt. The Company's fleet, including newbuildings, is
comprised of 30 VLCCs, 22 Suezmax tankers,
24 LR2/Aframax product tankers and three MR tankers
chartered in on short term contracts.
June 13, 2016
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda
Questions should be directed to:
Robert Hvide Macleod: Chief Executive Officer,
Frontline Management AS
+47 23 11 40 84
Inger M. Klemp: Chief Financial Officer, Frontline
Management AS
+47 23 11 40 76
Forward-Looking Statements
Matters discussed in this press release may constitute
forward-looking statements. Forward-looking statements include
statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts.
Words, such as, but not limited to "believe," "anticipate,"
"intends," "estimate," "forecast," "project," "plan," "potential,"
"may," "should," "expect," "pending" and similar expressions
identify forward-looking statements. The forward-looking statements
in this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions. Although
Frontline believes that these assumptions were reasonable when
made, because these assumptions are inherently subject to
significant uncertainties and contingencies which are difficult or
impossible to predict and are beyond the control of Frontline,
Frontline cannot assure you that they will achieve or accomplish
these expectations, beliefs or projections. The information set
forth herein speaks only as of the date hereof, and Frontline
disclaims any intention or obligation to update any forward-looking
statements as a result of developments occurring after the date of
this communication.
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#2020138
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