Frontline Ltd signed an agreement today, which includes the sale of one of the Company’s VLCCs to a German K/G promoted by Dr. Peters GmbH. The vessel is expected to be delivered to new owners before year end. The vessel will be chartered back on a 13 year charter arrangement, including an option for the Company to buy back the vessel at the end of the charter period. The sale is expected to generate cash to the Company in excess of USD 25 million.
Hamilton, Bermuda
20 November 2002