Frontline Ltd. (the "Company" or "Frontline") (NYSE: FRO) today provides a
further update on the LR2 tanker Front Altair. As previously reported, on June
13, an explosion occurred on the Front Altair shortly after the vessel had
passed through the Strait of Hormuz in the Persian Gulf.
Frontline, is pleased to report that crew members of the Front Altair have now
either returned home or have re-embarked the vessel to assist with recovery
operations and ship to ship transfer of cargo into another Frontline operated
vessel. Frontline wishes to express its gratitude to all parties who ensured
the crew's safety and comfort during this difficult ordeal. The Company is
extremely proud of the manner in which our highly-trained crew and vessel master
followed protocol and operated according to the highest standards of the
Merchant Marines to ensure their safety.
Fortunately, Frontline was able to deploy emergency responders in a timely
manner, who extinguished fire on the vessel within hours of the incident and
ensured no pollution resulted. The Front Altair is in stable condition and
anchored off Fujairah in the United Arab Emirates. Following transfer of cargo,
damage to the Front Altair will be further inspected and the vessel will
ultimately be moved to a shipyard for repair.
The Company continues to work with third parties, including governmental
officials, to determine the cause of the explosion. As previously reported, the
possibility that it was caused by mechanical or human error has been ruled out
completely. Until further information is received regarding the cause of the
explosion and the security of this important shipping lane is secured, Frontline
will exercise extreme caution when considering new contracts in the region and
will consider all possible measures to insure the safety of our crews and
vessels operating in the area.
June 18, 2019
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda
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.