OSLO, Norway, Nov. 23, 2001 (PRIMEZONE) — Frontline Ltd. (NYSE:FRO) signed an agreement today, which includes the sale of three of the Company’s VLCCs to German K/G’s promoted by Dr. Peters GmbH. The vessels Front Chief, Front Commander and Front Crown are expected to be delivered to new owners before year end. The vessels are chartered back on a 13-year charter arrangement, including an option for the Company to buy back each of the vessels at the end of the charter period.
The sales are expected to give a book profit of approximately USD 6 million, and will increase the Company’s cash position with approximately USD 125 million.
CONTACT: Frontline Ltd. Kate Blankenship +1 441 295 6935 Ola Lorentzon +47 23 11 40 00