DHT Holdings, Inc. Frontline Drops New York Lawsuit and Seeks New Forum in the Marshall Islands
- April 27th, 2017
- 105 views
HAMILTON, BERMUDA / CRWE PRESS RELEASE / April 27, 2017 - DHT Holdings, Inc. (NYSE: DHT) today announced that Frontline Ltd. (NYSE/OSE: FRO) will not pursue its complaint against DHT in the Supreme Court of the State of New York originally filed by Frontline on April 18, 2017. Yesterday, Frontline filed a notice of discontinuance with the New York court, dismissing the entirety of its claims, including that the previously announced transaction between DHT and BW Group Limited violated applicable law.
Frontline subsequently filed suit in the High Court of the Marshall Islands, asserting claims similar to those contained in the now-dismissed New York action and asking the Marshall Islands court to issue a temporary restraining order preventing BW from acquiring shares in excess of the 33.5% it will own following the completion of DHT's acquisition of BW Group's VLCC fleet.
In rejecting Frontline's earlier request to the New York court for a temporary restraining order blocking the acquisitions, on April 19, 2017, the New York court ruled that the timing of Frontline's request was "inexcusable", in light of the fact that Frontline "had 18 days prior to April 18 to properly serve defendants and to attempt to marshal a case supporting jurisdiction over the defendants."
The New York court also stated that Frontline had "failed at this stage of the case to establish a probability of success on" its claims that the transaction between DHT and BW Group violated applicable law.
DHT believes that Frontline's latest complaint is similarly without merit.
About DHT Holdings, Inc.
DHT is an independent crude oil tanker company operating a fleet of crude oil tankers in the VLCC and Aframax segments. We operate through our wholly owned management companies in Oslo, Norway and Singapore. For further information: www.dhtankers.com.
Svein Moxnes Harfjeld, Co-CEO: +47 23115080
Trygve P. Munthe, Co-CEO: +47 23115080
Source: DHT Holdings, Inc.