FRO - Exercise of Options for Suezmax Newbuildings Contracts
Press release from Frontline Ltd. 17.04.2007
Frontline Ltd. ("Frontline" or the "Company") has exercised the remaining two options for 156,000 dwt Suezmax newbuilding contracts at Jiangsu Rongsheng Heavy Industries Group Co. Ltd. in China. These vessels will be delivered in October and December 2010, respectively.
Following this, Frontline has eight Suezmax and four VLCC newbuildings on order.
The ordering of the tonnage has been done as a combination of a wish to renew the fleet, replacing the single hull Suezmax vessels recently sold and an opportunistic investment approach. It confirms Frontlines position as a leading operator and owner of quality Suezmax tonnage in addition to its position as the world's largest operator and owner of VLCCs.
April 16, 2007
The Board of Directors
Questions should be directed to:
Bjørn Sjaastad: Chief Executive Officer, Frontline Management AS
+47 23 11 40 99
Inger M. Klemp: Chief Financial Officer, Frontline Management AS