Acquisition of a fleet of Suezmax tankers by Frontline Ltd.

A&G News 2 September 2019

Allen & Gledhill advised Frontline Ltd. (“Frontline”) on its sale and purchase agreement with Trafigura Maritime Logistics Pte. Ltd. (“TML”) and certain related entities to acquire 10 Suezmax tankers through the acquisition of a TML special purpose vehicle (“Acquisition”). As part of the Acquisition, Frontline has the option to acquire an additional four Suezmax tankers through the acquisition of a second TML special purpose vehicle, in consideration for ordinary shares of Frontline issuable upon signing and a cash amount ranging from US$538 million to US$547 million, payable upon closing.

Advising Frontline on Singapore law issues were Allen & Gledhill Partners Sunit Chhabra, Lim Chong Ying, Peh Aik Hin and Soh Yin Chuin.