FRO - Termination of charter-in contract of Front Vanguard
May 13 2016 - 10:44AM
Frontline Ltd. ("Frontline" or the "Company") has
agreed with Ship Finance International Limited ("Ship Finance") to
terminate the long term charter for the 1998 built VLCC Front
Vanguard. Ship Finance has simultaneously sold the vessel to an
unrelated third party. We expect the vessel to cease operating as a
conventional tanker and the charter with Ship Finance is expected
to terminate in the second quarter of 2016.
Frontline has agreed a compensation payment to
Ship Finance of approximately $0.4 million for the termination of
the current charter.
Following this termination, the number of vessels
on charter from Ship Finance will be reduced to 13 vessels,
including 11 VLCCs and two Suezmax tankers.
May 12, 2016
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 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#2012736
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