FRO - Acquisition of Two VLCCs
Frontline Ltd. (NYSE and OSE: FRO) (“Frontline” or the “Company”) today announces that it has entered into an agreement to acquire two scrubber fitted, latest generation ECO-type VLCCs built in 2019 at Hyundai Heavy Industries (“HHI”) shipyard in South Korea for a total of $180.0 million.
The vessels are scheduled to deliver during fourth quarter of 2021. Frontline intends to meet the financing of this acquisition with existing borrowing facilities and establish long term financing closer to delivery of the vessels.
Lars H. Barstad, Interim CEO of Frontline Management AS said:
“Frontline continues to execute on our strategy to position the Company towards what we believe will be a firm recovery as oil demand, and subsequently oil supply returns to pre pandemic levels. We have over the last periods seen the benefits of running a modern fuel-efficient fleet. These VLCCs are well-maintained high-quality additions, delivered at what we believe is a favorable timing.”
June 28, 2021
The Board of Directors
Questions should be directed to:
Lars H. Barstad: Interim Chief Executive Officer, Frontline Management AS
+47 23 11 40 37
Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 76
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.
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