ITCL - Potential termination of charter and update on the Front Voyager Consent Solicitation

Press release from Independent Tankers Corporation Limited 03.03.2010

Independent Tankers Corporation Limited announces that Chevron Transport Corporation ("Chevron") has given nine months non-binding notice of termination for the bareboat charter for the VLCC Antares Voyager.  If Chevron choose to terminate the bareboat charter, a six months binding notice of termination has to given in June 2010 and such termination to take effect in December 2010. The vessel will continue on a bareboat rate of $28,500 per day until December 2010.

With reference to the press release issued February 17, 2010 regarding Front Voyager, we hereby confirm that the bondholders have approved amendments and clarification to certain indenture and related collateral agreement provisions and definitions to provide for the sale of the single-hull tanker Suezmax Front Voyager.

For further information, please find enclosed full style of the press release issued by California Petroleum Transport Corporation.

The Board of Directors

Independent Tankers Corporation Limited

Hamilton, Bermuda

March 3, 2010

 

Questions should be directed to:

 

Bengt Neteland: Vice President Finance, Frontline Management AS                    

 +47 23 11 40 37 or +47 924 99 386

Press release California Petroleum Transport Corporation