FRO - Termination of long term charter-in contracts of three VLCCs
Frontline Ltd. ("Frontline" or the "Company") today announced that Frontline Shipping Limited ("FSL") has agreed with Ship Finance International Limited ("Ship Finance") to terminate the long term charters for three very large crude carriers ("VLCCs"); Front Page, Front Serenade and Front Stratus upon the sale and delivery of the vessels by Ship Finance to an unrelated third party. Frontline has agreed to a total compensation payment to Ship Finance of $10.125 million for the termination of these charters, which will be paid by Frontline in the form of three promissory notes, and Frontline and FSL will be released from all of their other respective obligations in relation to these vessels. These transactions are expected to complete during the third quarter of 2018.
July 13, 2018
The Board of Directors
Questions should be directed to:
Robert Hvide Macleod: CEO, Frontline Management AS
+47 23 11 40 00
Inger M. Klemp: CFO, Frontline Management AS
+47 23 11 40 00
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.