Frontline Ltd. (the “Company” or “Frontline”) (NYSE:FRO – OSE:FRO) today announced that it has entered into an agreement whereby the Company will sell its six medium range tankers for an aggregate sale price of $172.5 million to an unaffiliated third party. The vessels will be delivered by Frontline during September and October 2016.
Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS commented:
“We are pleased to have completed this transaction, which leaves Frontline with a focused crude oil tanker fleet comprised of VLCCs, Suezmax tankers and LR2 tankers. Our primary exposure and growth focus is towards the crude tanker market, and our LR2 tankers can be deployed in both the crude oil and refined product trades, leaving us with attractive optionality.”
Following this transaction, Frontline’s fleet, including newbuildings, consists of 79 vessels with an aggregate capacity of approximately 15.3 million dwt. The Company’s fleet, including newbuildings, is comprised of 30 VLCCs, 22 Suezmax tankers, 24 LR2/Aframax product tankers and three MR tankers chartered in on short term contracts.
June 13, 2016
The Board of Directors
Questions should be directed to:
Robert Hvide Macleod: Chief Executive Officer, Frontline Management AS
+47 23 11 40 84
Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 76
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.