HAMILTON, BERMUDA, June 7, 2017 - DHT Holdings, Inc. (NYSE: DHT ) ("DHT") today announced that the High Court of the Marshall Islands (the "Court") has denied Frontline Ltd.'s request for a preliminary injunction relating to transactions contemplated by the previously announced Vessel Acquisition Agreement between DHT and BW Group Limited.
On June 7, 2017, the Court rejected Frontline's arguments and issued an order denying Frontline's motion for a preliminary injunction. The Court cited Frontline's failure to demonstrate a probability of success on the merits of its claims. In particular, the Court noted that the acquisition of BW's fleet fell within the sound discretion of the DHT board of directors' business judgment, and that Frontline "has no likelihood of success" on any challenge to the rights plan implemented by the DHT Board, as the rights plan was a reasonable response to Frontline's actions.
Both the High Court of the Marshall Islands and the Supreme Court of the State of New York have now rejected Frontline's attempt to interfere with DHT's acquisition of BW's fleet.
Cravath, Swaine & Moore LLP is serving as legal counsel to DHT.
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.
Forward Looking Statements This press release may contain assumptions, expectations, projections, intentions and beliefs about future events. When used in this document, words such as "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "will," "may," "should" and "expect" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These statements reflect DHT's current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent DHT's estimates and assumptions only as of the date of this press release and are not intended to give any assurance as to future results. Investing in DHT's securities involves risk, and investors should be able to bear the loss of their investment. For a detailed discussion of the risk factors that might cause future results to differ, please refer to DHT's Annual Report on Form 20-F, filed with the SEC on March 23, 2017.
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Media Contacts Svein Moxnes Harfjeld, Co-CEO: +47 23115080 Trygve P. Munthe, Co-CEO: +47 23115080
