FRNT - Frontline 2012 Ltd. Sale of eight VLGC newbuildings
(Thomson Reuters ONE) -
Frontline 2012 Ltd. (the "Company" or "Frontline 2012") is pleased to announce
that it has entered into an agreement with Avance Gas Holding Ltd. ("AGHL")
whereby AGHL shall acquire eight, fuel efficient 83,000 cbm VLGC newbuildings
from Frontline 2012 immediately following their delivery to Frontline 2012 from
the yard. These newbuildings have been ordered by Frontline 2012 from the
Jiangnan Changxing Shipyard in China and have expected deliveries between August
2014 and September 2015. AGHL will pay $75.0 million for each newbuilding, of
which $17.4 million will be paid upfront and $57.6 million will be paid upon
delivery from the yard.
In October 2013, Frontline 2012 entered into an agreement with Stolt-Nielsen
Limited ("Stolt-Nielsen") and Sungas Holdings Ltd. ("Sungas") whereby Frontline
2012 became a shareholder in AGHL along with Stolt-Nielsen and Sungas. The sale
of the newbuildings to AGHL is in line with the previously announced intention
to enter into discussions with AGHL regarding these newbuildings.
The Board is very pleased with the sale, which is the first step in streamlining
the activities of the Company by breaking the company up in several new
companies and creating pure plays in different shipping segments through
consolidation, divestment and spin offs.
Following the acquisition, AGHL becomes the third largest, pure play VLGC owner
and operator with six vessels on the water and eight newbuildings with
attractive delivery dates.
November 19, 2013
Frontline 2012 Ltd.
Hamilton, Bermuda
Questions should be directed to:
Jens Martin Jensen: Chief Executive Officer, Frontline Management AS
+47 23 11 40 00
Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 00
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Frontline 2012 Ltd. via Thomson Reuters ONE
[HUG#1744268]
Datum: 19.11.2013 - 16:36 Uhr
Sprache: Deutsch
News-ID 318341
Anzahl Zeichen: 2576
contact information:
Kategorie:
Business News
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