FRO - Termination of long term charter-in contracts of three VLCCs
July 13 2018 - 06:25AM
Frontline Ltd. ("Frontline" or the
"Company") today announced that Frontline Shipping Limited ("FSL")
has agreed with Ship Finance International Limited ("Ship Finance")
to terminate the long term charters for three very large crude
carriers ("VLCCs"); Front Page, Front Serenade and Front Stratus
upon the sale and delivery of the vessels by Ship Finance to an
unrelated third party. Frontline has agreed to a total
compensation payment to Ship Finance of $10.125 million for the
termination of these charters, which will be paid by Frontline
in the form of three promissory notes, and Frontline and FSL will
be released from all of their other respective obligations in
relation to these vessels. These transactions are expected to
complete during the third quarter of 2018.
July 13, 2018
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
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 Corporate Solutions on behalf
of Nasdaq 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
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