Business Services Industry
Frontline Ltd divests holding in FPSO developer Sea Production Ltd
Nordic Business Report, June 7, 2007
NORDIC BUSINESS REPORT-7 June 2007-Frontline Ltd divests holding in FPSO developer Sea Production Ltd(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com
Norwegian-controlled Bermuda-based tanker shipping group Frontline Ltd said on Thursday (7 June) that it has sold its holding of 25,500,000 shares in the floating production, storage and offloading (FPSO) units developer Sea Production Ltd.
The shares were sold for NOK15.75 per share to a group of international investors.
The total proceeds of USD67m will be used for the further expansion of Frontline.
"The sale of the shares is in line with Frontline's strategy to remain a pure crude oil transportation company. The sale also follows the company's previously announced strategy to either sell or spin off the Sea Production shares to Frontline's shareholders," Frontline said.
Frontline is headquartered in Hamilton, Bermuda. The company has a fleet of 36 Suezmax tankers and 46 VLCC tankers, totalling 19.3m dwt. The company is listed on the Oslo Stock Exchange and traded under the symbol FRO.
One British pound (GBP) is worth approximately 11.92 Norwegian kroner (NOK). One British pound (GBP) is worth approximately 1.99 US dollars (USD).
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