December 12, 2006
Frontline gets into heavylift market
John Fredriksen's Frontline Ltd. (NYSE:FRO), has declared an option with COSCO Shipyard, China, to convert the 150,000 dwt, 1990-built, single hull oil tanker Front Target to a heavylift vessel.
The conversion will begin in May 2007, and completion is expected in August 2007.
"By fitting a new mid-ship section and upgrading all major components of the vessel, we foresee that the vessel will be able to operate for at least 15 years," says Frontline.
"The Board is very enthusiastic with regards to the current heavylift market," says a Frontline release. "There is a limited number of heavylift vessels available in the market, the fleet is ageing, and the rig market is currently booming with a lot of offshore units currently under construction. Front Sunda which is in the process of being converted to a heavylift vessel, is expected to be delivered in April 2007. The company holds further options to convert single hull tankers to heavylift vessels which it intends to use."
Frontline has entered into a management contract with International Transport Contractors, the Netherlands, covering commercial operation of its heavylift vessels and says that the previous CEO of Dockwise, Mr. Bert Bekker, will join Frontline in the capacity of Executive Advisor of our heavylift activities.