Frontline (FRO), STX Terminate Four VLCC Newbuilding Contracts
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FRO - Terminates four VLCC newbuilding contracts
October 14, 2016 7:14 AM EDTHAMILTON, Bermuda, Oct. 14, 2016 (GLOBE NEWSWIRE) -- Frontline Ltd. (the "Company" or "Frontline") (NYSE: FRO) today announced that it has entered into an agreement with STX Offshore & Shipbuilding Co., Ltd. ("STX") to terminate contracts for four VLCC newbuildings due for delivery in 2017. The contracted price of these vessels was $364.3 million, of which the company has made instalment payments of $45.5 million. Following the contract terminations, the Company has been released of any and all obligations relating to the contracts, and received all instalment payments made to STX, less a $0.5 million cancellation fee per... More
