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
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
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.