Frontline Ld Fro - Termination Of Charter-in Contract Of Mindanao

 
TIDMFRO 
 
 
   Frontline Ltd. ("Frontline" or the "Company") has agreed with Ship 
Finance International Limited ("Ship Finance") to terminate the long 
term charter for the 1998 built Suezmax tanker Mindanao. Ship Finance 
has simultaneously sold the vessel to an unrelated third party. The 
charter with Ship Finance is expected to terminate in the fourth quarter 
of 2015. 
 
   Frontline will receive a compensation payment of approximately $3.3 
million from Ship Finance for the termination of the current charter. 
 
   Following this termination, the number of vessels on charter from Ship 
Finance will be reduced to 14 vessels, including 12 VLCCs and two 
Suezmax tankers. 
 
   November 12, 2015 
 
   The Board of Directors 
 
   Frontline Ltd. 
 
   Hamilton, Bermuda 
 
   Questions should be directed to: 
 
   Robert Hvide Macleod: CEO, Frontline Management AS 
 
   [phone] 
 
   Inger M. Klemp: CFO, Frontline Management AS 
 
   [phone] 
 
   Forward Looking Statements 
 
   This press release contains forward looking statements. These statements 
are based upon various assumptions, many of which are based, in turn, 
upon further assumptions, including Frontline management's examination 
of historical operating trends. Although Frontline believes that these 
assumptions were reasonable when made, because assumptions are 
inherently subject to significant uncertainties and contingencies which 
are difficult or impossible to predict and are beyond its control, 
Frontline cannot give assurance that it will achieve or accomplish these 
expectations, beliefs or intentions. 
 
   Important factors that, in the Company's view, could cause actual 
results to differ materially from those discussed in this press release 
include the strength of world economies and currencies, general market 
conditions including fluctuations in charter hire rates and vessel 
values, changes in demand in the tanker market as a result of changes in 
OPEC's petroleum production levels and world wide oil consumption and 
storage, changes in the Company's operating expenses including bunker 
prices, dry-docking and insurance costs, changes in governmental rules 
and regulations or actions taken by regulatory authorities, potential 
liability from pending or future litigation, general domestic and 
international political conditions, potential disruption of shipping 
routes due to accidents or political events, and other important factors 
described from time to time in the reports filed by the Company with the 
United States Securities and Exchange Commission. 
 
   Important Information For Investors And Shareholders 
 
   This communication does not constitute an offer to sell or the 
solicitation of an offer to buy any securities or a solicitation of any 
vote or approval.  In connection with the proposed transaction between 
Frontline and Frontline 2012, Frontline will file relevant materials 
with the Securities and Exchange Commission (the "SEC"), including a 
registration statement of Frontline on Form F-4 that will include a 
joint proxy statement of Frontline 2012 and Frontline that also 
constitutes a prospectus of Frontline, and the joint proxy 
statement/prospectus will be mailed to shareholders of Frontline 2012 
and Frontline. INVESTORS AND SECURITY HOLDERS OF FRONTLINE 2012 AND 
FRONTLINE ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND 
OTHER DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR 
ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT 
INFORMATION.  Investors and security holders will be able to obtain free 
copies of the registration statement and the joint proxy 
statement/prospectus (when available) and other documents filed with or 
furnished to the SEC by Frontline through the website maintained by the 
SEC at http://www.sec.gov. Copies of the documents filed with or 
furnished to the SEC by Frontline will be available free of charge on 
Frontline's website at http://www.frontline.bm.  Additional information 
regarding the participants in the proxy solicitations and a description 
of their direct and indirect interests, by security holdings or 
otherwise, will be contained in the joint proxy statement/prospectus and 
other relevant materials to be filed with or furnished to the SEC when 
they become available. 
 
   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#1966717 
 
 
  http://www.frontline.bm/ 
 

(END) Dow Jones Newswires

November 13, 2015 07:01 ET (12:01 GMT)

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