FRO - Fourth Quarter and Full Year 2014 Results

 Highlights

• Frontline reports a net loss attributable to the Company of $13.0 million for the fourth quarter of 2014, equivalent to a loss per share of $0.12. 
• Frontline reports a net loss attributable to the Company of $13.7 million for the fourth quarter of 2014, when excluding a non-cash gain of $40.3 million arising on the termination of the charter parties for Front Opalia, Front Comanche and Front Commerce, a non-cash gain of $1.5 million arising on the convertible bond buy back in October and a non-cash loss of $41.1 million arising on the convertible bond swaps in October and December, equivalent to a loss per share of $0.13. 
• Frontline reports a net loss attributable to the Company of $162.9 million for the year ended December 31, 2014, equivalent to a loss per share of $1.63. 
• Frontline reports a net loss attributable to the Company of $37.9 million for the year ended December 31, 2014, when excluding 'one time' gains and losses equivalent to a loss per share of $0.38. 
• Frontline agreed with Ship Finance in July 2014 to terminate the long term charter parties for the 1999 built VLCCs Front Opalia, Front Comanche and Front Commerce and Ship Finance simultaneously sold the vessels to unrelated third parties. The charter parties for the Front Commerce, Front Comanche and Front Opalia terminated on November 4, November 12 and November 19, respectively.
• In October 2014, the Company bought $17.8 million notional principal of its 4.50% Convertible Bond Issue 2010/2015 at a purchase price of 91.654%.
• In October and December 2014, the Company entered into private agreements to exchange $45.5 million of the Company's 4.50% Convertible Bond for an aggregate of 12,996,476 shares and an aggregate cash payment of $19.6 million plus accrued interest.
• In January 2015, Frontline took delivery of its second and final Suezmax newbuilding, Front Idun.
• Frontline issued 10,009,703 and 902,744 new shares under its ATM program during January 2015 and February 2015, respectively. 
• In January 2015, the Company's ATM program was increased to having aggregate sales proceeds of up to $150.0 million, from up to $100.0 million.
• In February 2015, the Company bought $33.3 million notional principal of its 4.50% Convertible Bond Issue 2010/2015 at a purchase price of 99%. 

Fourth Quarter and Full Year 2014 Results