HAMILTON, Bermuda, March 15, 2007 (PRIME NEWSWIRE) — 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 Frontline Ltd. Hamilton, Bermuda
CONTACT: Frontline Management AS
Bjorn Sjaastad: Chief Executive Officer
+47 23 11 40 99
Inger M. Klemp: Chief Financial Officer
+47 23 11 40 76