FRO - Acquisition of VLCC Resale and Two LR2 Newbuildings
June 19 2019 - 3:07PM
Frontline Ltd. (the "Company" or "Frontline") (NYSE:FRO) is
pleased to announce that it has acquired a scrubber-equipped VLCC
resale under construction at Hyundai Samho Heavy Industries
("HSHI") expected to be delivered in May 2020 and has ordered
two LR2 newbuildings from SWS, China, expected to be delivered in
January 2021 and March 2021. This is in addition to the Company's
recent acquisition of a scrubber-equipped Suezmax resale under
construction at HHI due for delivery in May 2020.
Robert Hvide Macleod, Chief Executive Officer of
Frontline Management AS commented:
"These transactions reflect Frontline's focus on
increasing our exposure to the tanker market and are also part of a
continuous effort to renew and modernize the Company's fleet. The
latter has provided us with one of the most modern fleets in the
industry with an average age of less than 5 years. As new
opportunities arise, we will continue to execute our growth
strategy as we position the Company to generate significant cash
flow over the long term."
The VLCC has been acquired at a purchase price
of $92.5 million, and the LR2s have been ordered at a price of
$46.7 million per vessel.
June 19, 2019 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
This information is subject to the disclosure requirements
pursuant to section 5 -12 of the Norwegian Securities Trading
Act.
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