Frontline Ltd. buys Pertamina's VLCCs
Monday, June 14 2004 - 12:30 PM WIB
Tanker firm Frontline Ltd. announced on Monday that it had entered into a definitive Sale and Purchase Agreement with state oil and gas company Pertamina to purchase the latter's two Very Large Crude Carriers (VLCC) which are currently being constructed by Hyundai Heavy Industries Co. Ltd.
According to the company's release, more than 40 bidders were invited to participate in the bidding process and finalists were short listed including the Buyers, Essar Shipping Ltd. of India and Overseas Shipholding Group Inc. of USA.
Frontline is a major Bermuda based tanker company listed on the New York, London and the Oslo Stock Exchanges. Frontline has a market capitalization of over US$ 2.8 billion and currently has 35 VLCCs under its ownership or management.
The total consideration paid for the two vessels is USD 184 million.(alex)