FRO - First Quarter 2015 Results

Highlights

• Frontline reports net income attributable to the Company of $31.1 million for the first quarter of 2015, equivalent to earnings per share of $0.25. 
• Today, Frontline announced that it has entered into a heads of agreement to amend the terms of the long term charter agreements with Ship Finance for the remainder of the charter period with effect from July 1, 2015.

In January 2015, the ATM program was increased to having aggregate sales proceeds of up to $150.0 million, from up to $100.0 million. Frontline issued 12,191,291 new shares under its ATM program in the first quarter. 

In April 2015, the Company issued 12,900,323 new shares under the ATM program.

In May 2015, the Company issued 5,941,251 new shares under the ATM program and the existing ATM program is fully utilized.

In February 2015, Frontline bought $33.3 million notional principal of its convertible bond at a purchase price of 99%.

In April 2015, the remaining outstanding balance on the convertible bond of $93.4 million was repaid in full upon maturity.

In January 2015, Frontline took delivery of Front Idun.

First Quarter 2015 Results

The Board of Frontline Ltd. (the "Company" or "Frontline") announces net income attributable to the Company of $31.1 million in the first quarter, equivalent to earnings per share of $0.25, compared with a net loss of $13.0 million for the previous quarter, equivalent to a loss per share of $0.12. The net loss attributable to the Company in the previous quarter includes 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.