FRO - Sale of six medium range tankers
(Thomson Reuters ONE) -
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
Frontline Ltd.
Hamilton, Bermuda
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
Forward-Looking Statements
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.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 Ltd. via GlobeNewswire
[HUG#2020138]
Unternehmensinformation / Kurzprofil:
Datum: 13.06.2016 - 13:17 Uhr
Sprache: Deutsch
News-ID 477279
Anzahl Zeichen: 3824
contact information:
Town:
Hamilton
Kategorie:
Business News
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