Frontline Ltd. (“Frontline” or the “Company”) has through its affiliated company Ship Finance International Limited, sold its single hull Suezmax tanker Front Transporter for a gross sales price of $38 million. Delivery to buyers is expected to take place in May or June 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 in the amount of about $15.4 million for the early termination of the charter party.
January 5, 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