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Yes. Trying to determine why they're doing this. You probably know, but it seems
strange to me.

Well, there are a few issues that come to mind.
1. Inger Klemp (CFO) had suggested a second restructuring could occur. She seems to be too
seasoned a management person to have just blurted that out in late Feb 2013.
2. The two Suezmax newbuilds are due to deliver. I had assumed one or both vessels would
end up being transferred over to either FRNT or SFL. What if FRO want to keep the vessels?
My guess is after paying the 2012 cash-sweep plus the base rate Q1 in 2013, FRO will be
cash strapped. Potential lenders might want FRO to put more equity in.
3. The timeline Fredriksen offered for FRNT coming public was 10-16 months. That timeline
makes sense given none of the FRNT newbuilds deliver until 2014.
4. Some other opportunity/(ies) are coming available.
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