FRO - VLCC "Front Vista"
(Thomson Reuters ONE) - The Board of Frontline Ltd. (the "Company" or "Frontline") announces that it hasagreed to acquire the VLCC "Front Vista" (the "Vessel") from Ship FinanceInternational Limited at a purchase price of USD 58.5 mill.Frontline has furthermore agreed to sell the Vessel and the Buyer will settlethe purchase price through the payment of instalments over a 10 year period. TheBuyer has secured a 10 year time charter with a State owned oil company at agross rate of USD 43,500 per day during the entire charter period.The transaction reflects the Company's goal of securing long term coverage forparts of its fleet.February 5, 2010The Board of DirectorsFrontline Ltd.Hamilton, BermudaQuestions should be directed to:Jens Martin Jensen: Chief Executive Officer, Frontline Management AS+47 23 11 40 99Inger M. Klemp: Chief Financial Officer, Frontline Management AS+47 23 11 40 76Cautionary Statement Regarding Forward Looking StatementsThis press release may contain forward looking statements. These statements arebased upon various assumptions, many of which are based, in turn, upon furtherassumptions, including Frontline management's examination of historicaloperating trends. Although Frontline believes that these assumptions werereasonable when made, because assumptions are inherently subject to significantuncertainties and contingencies which are difficult or impossible to predict andare beyond its control, Frontline cannot give assurance that it will achieve oraccomplish these expectations, beliefs or intentions. Important factors that, in the Company's view, could cause actual results todiffer materially from those discussed in this presentation include the strengthof world economies and currencies, general market conditions includingfluctuations in charter hire rates and vessel values, changes in demand in thetanker market as a result of changes in OPEC's petroleum production levels andworld wide oil consumption and storage, changes in the Company's operatingexpenses including bunker prices, dry-docking and insurance costs, changes ingovernmental rules and regulations or actions taken by regulatory authorities,potential liability from pending or future litigation, general domestic andinternational political conditions, potential disruption of shipping routes dueto accidents or political events, and other important factors described fromtime to time in the reports filed by the Company with the United StatesSecurities and Exchange Commission.This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)[HUG#1381055]
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Datum: 05.02.2010 - 09:01 Uhr
Sprache: Deutsch
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