Ship Finance International Limited, an affiliated company of Frontline Ltd (“Frontline”) has sold the single hull VLCC Front Vanadis.
Delivery to buyers is expected to take place in April or May 2007. Upon delivery of the vessel to the buyers, the long term charter party between Frontline and Ship Finance International Limited will be terminated, and the latter will make a compensation payment to Frontline of approximately $13.2 million for the early termination of the current charter party.
March 15, 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
+47 23 11 40 76