FRO - Acquisition of VLCC newbuilding contracts
09 Junho 2016 - 6:00PM
Frontline Ltd. (the "Company" or "Frontline")
(NYSE:FRO) is pleased to announce the acquisition of two VLCC
newbuildings under construction at Hyundai Heavy Industries at a
purchase price of $84 million each. The vessels are due for
delivery in September and November 2016.
The Company has also secured
options for two additional sister vessels with delivery in January
and March 2017 at a purchase price of $85 million each.
Robert Hvide Macleod, Chief
Executive Officer of Frontline Management AS commented:
"We have been consistently looking
for ways to increase Frontline's exposure to the tanker market as
current resale prices do not accurately reflect the earnings power
of vessels on the water. This acquisition will be accretive in the
near term given historically low pricing and the low cash breakeven
rates on these vessels and across our fleet. It is also a
reflection of our long term market outlook and our focus on
generating significant cash flow to provide long term value to our
shareholders."
June 9, 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 NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Frontline Ltd. via Globenewswire
HUG#2019029
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