The company said that its board is very enthusiastic with regard to the current heavylift market. There is a limited number of heavylift vessels available in the market, the fleet is aging, 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 that it intends to use.
Frontline has also entered into a management contract with International Transport Contractors, the Netherlands (ITC) with regard to the commercial operation of the heavylift vessels. ITC has substantial experience in the operation of heavylift vessels, and Frontline has shared a good working relationship with this company in connection with the management of vessels in the past.
The company also said that the previous CEO of Dockwise, Bert Bekker, will join Frontline in the capacity of Executive Advisor of its heavylift activities.
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