Frontline Ltd.

Frontline Ltd.

Frontline Ltd.

Overview
Date Founded

1992

Headquarters

Par-la-Ville Place,14 Par-la-Ville Road,4th floor,Hamilton HM 08

Type of Company

Public

Employees (Worldwide)

145

Industries

Marine Shipping
Oil & Gas

Company Description

Frontline Ltd. ("Frontline") has its origin in Frontline AB, which was founded in 1985, and which was listed on the Stockholm Stock Exchange from 1989 to 1997. Hemen Holding Ltd. (a company indirectly controlled by trusts established by our Chairman John Fredriksen for the benefit of his immediate family) became the largest shareholder of Frontline AB in 1996. In May 1997, a decision was made at the general meeting in Frontline AB to change its domicile from Sweden to Bermuda and to list its shares on the Oslo Stock Exchange. The change of domicile was executed through a share for share exchange offer from the then newly formed Frontline in Bermuda. As a result of the acquisitions of vessels and shipping companies, Frontline has established itself as the world leader in the international seaborne transportation of crude oil, with one of the world's largest fleets of VLCC and Suezmax tankers and Suezmax OBO carriers. Frontline is committed to providing quality transportation services to all its customers and to developing and maintaining long-term relationships with the major charterers of tankers.

Executives & Employees

Chairman, President & Director

Chief Financial Officer

Principal Executive Officer

General Manager, Technical & Operations Sea

Director, Chartering Department

Technical Director

Vice President, Finance

Technical Manager (Shanghai)

Fleet Manager, Technical

Operation Manager

Board of Directors

Former Managing Director at Frontline Management AS

Associate Member at Chartered Insurance Institute

Executive Chairman at Anglo-Atlantic Steamship Co., Ltd.

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Owners & Shareholders
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Evermore Global Advisors employs an active value investment approach that combines two drivers of value creation: strategic catalysts and tactical opportunities. The firm seeks to identify and invest in great companies with compelling valuations. They focus on under researched and undervalued public companies. Though not limited by sector, Evermore tends to invest in the stocks of companies in the consumer services, finance and producer manufacturing sectors. The firm invests across all market-caps, with emphasis on the stocks of small-cap companies. Most of their investments are in North America and Europe.Evermore's research process seeks to identify undervalued companies that have catalysts for significant positive change. These catalysts may include management changes, restructurings, spin-offs, downsizing, recapitalizations, mergers, acquisitions, industry consolidation and other situations. The firm evaluates the catalysts and assesses the timeline for potentially realizing a company's intrinsic value. Evermore also analyzes companies' fundamentals, determines their intrinsic worth and evaluates ways to mitigate risk. They will sell a security when target prices are reached, catalysts disappear or better investment alternatives are identified.The Evermore Global Value Fund seeks capital appreciation through investments in securities from around the world, including the US markets. The Fund seeks to invest primarily in equity securities that are undervalued companies have catalysts for significant positive change. Evermore identifies securities through intensive research and analysis of individual companies and generally does not focus on broad stock market conditions or other macroeconomic factors. In addition to undervalued stocks, the Fund may invest in the securities of companies involved in merger arbitrage situations and in distressed debt. The Fund may also hold a significant portion of its assets in cash and can sell securities short to manage risk and capitalize on market opportunities.The Evermore European Value Fund seeks capital appreciation through investments in the securities of companies in the European markets. The Fund seeks to invest primarily in equity securities that are undervalued and that have catalysts for significant positive change. Evermore identifies securities through intensive research and analysis of individual companies and generally does not focus on broad stock market conditions or other macroeconomic factors. In addition to undervalued stocks, the Fund may invest in the securities of companies involved in merger arbitrage situations and in distressed debt. The Fund may also hold a significant portion of its assets in cash and can sell securities short to manage risk and capitalize on market opportunities.

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OAM is an active, research-oriented manager which aims to achieve long-term capital appreciation by investing primarily in listed securities issued by companies based in Europe, particularly in the UK and Germany. They do not limit themselves to a specific investment style and exit positions and convictions when necessary in order to do 'what is right now'.The firm relies on both fundamental and technical analysis. They believe that fundamental analysis is necessary but that its importance is limited by the fact that markets are very efficient in absorbing and valuing information. They therefore rely on technical analysis to complement their fundamental research, aiming to identify attractive investment opportunities ahead of the market.In-house research, is supplemented by a network of London-based and international brokers, proprietary industry sources, analytical databases and contacts with senior management.

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FK engages in active portfolio management and invests globally in equity and fixed-income with a focus on Norwegian securities. The firm follows a value-orientation and is a prudent investor aiming to keep lower levels of risk than the Oslo stock exchange, by limiting exposure to specific companies and sectors as well as less liquid securities.FK follows a bottom-up stockpicking approach for Norwegian equity funds in order to fully benefit from their knowledge of the Norwegian commercial and industrial environment. When managing global portfolios, they favour a top-down approach in order to identify sectors with good future growth potential.The firm bases investment decisions on fundamental research and aims to identify companies with good expected yield/return. They primarily select companies from businesses they know and understand themselves, considering qualitative factors before assessing financial results and data.

Recent Transactions
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Frontline Ltd. purchases Frontline 2012 Ltd.

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World Wide Shipping Agency, Inc. purchases General Maritime Corp. (Inactive) from Frontline Ltd.

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Frontline Ltd. purchases Bergshav Holding AS

Transaction Advisors
Investment Advisor

Advised onFrontline Ltd. purchases ICB Shipping AB

Legal Advisor

Advised on purchases Golden Ocean Group Ltd. (Inactive) from Frontline Ltd.

Legal Advisor

Advised onFrontline Ltd. purchases General Maritime Corp. (Inactive)

Advisors & Consultants
Legal Advisor

Partner at Simpson Thacher & Bartlett LLP

Clients

Seadrill is a leading offshore deepwater drilling company, aiming to be our customers' most important partner in making oil and gas available in a safe and cost-effective manner. The company operates a versatile fleet of 75 units that comprises drillships, jack-up rigs, semi-submersible rigs and tender rigs for operations in shallow to ultra-deepwater areas in harsh environment and benign environments.

Golden Ocean Group Ltd. engages in the ownership and operation of dry bulk vessels. The company manages Newcastlemax, Capesize, Panamax, and Ultramax vessels and transports bulk commodities, including ores, coal, grains, and fertilizers. It also involves in the charter, purchase, and sale of vessels. The company was founded on September 18, 1996 and is headquartered in Hamilton, Bermuda.

FLEX LNG Ltd. engages in the operation of carrier vessels. It focuses on the engineering and construction of liquefied natural gas producer units. The company was founded by Philip Eystein Fjeld, Trym Tveitnes and Jostein Ueland in August 2006 and is headquartered in Road Town, British Virgin Islands.

Key Stats and Financials As of 2018
Market Capitalization
$1.95B
Total Enterprise Value
$2.69B
Earnings Per Share
$-0.05
Revenue
$717M
Net Profit
$-8.88M
EBITDA
$150M
Debt TEV
0.68x
Total Debt
$1.83B
Total Equity
$1.16B
Five Year Compounded Annual Growth Rate Of Revenue
7.85%
EBITDAMargin
20.93%
Enterprise Value Sales
3.76x
Enterprise Value EBITDAOperating
17.95x
TEVNet Income
-303.25x
Three Year Compounded Annual Growth Rate Of Revenue
16.58%
Suppliers
SFL Corp Ltd Marine Shipping | Hamilton, HA

Ship Finance International Ltd. engages in the ownership and operation of vessels and offshore related assets. It also involves in the charter, purchase, and sale of assets. Its assets include oil tankers, dry bulk carriers, container vessels, car carriers, jack-up drilling rig, ultra-deepwater drilling units, offshore supply vessels, and chemical tankers. The company was founded on October 10, 2003 and is headquartered in Hamilton, Bermuda.

Competitors
Athena Spinco, Inc. Marine Shipping - Greenwich, CT

Diamond S Shipping, Inc. engages in the provision of seaborne transportation of crude oil, refined petroleum and other products in the international shipping markets. It includes gasoline, diesel, fuel oil and jet fuel, edible oils, and certain chemicals, such as ethanol under short-term voyage charters, and medium to long-term time and bareboat charters. The company was founded on November 14, 2018 and is headquartered in Piraeus, Greece.

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