PT Pertamina (Persero) has entered into a definitive Sale and Purchase Agreement pursuant to which Windstar Marine Inc. and Speed Shipping Corp. two single purpose companies nominated by Frontline Ltd. in accordance with the Terms of Reference for Bid, but presently controlled by Frontline's majority shareholder Hemen Holding Limited ("Hemen"), have agreed to acquire Pertamina's two Very Large Crude Carriers ("VLCC") which are currently being constructed by Hyundai Heavy Industries Co. Ltd. More than 40 bidders were invited to participate in the bidding process and finalists were short listed including the Buyers, Essar Shipping Ltd. of India and Overseas Shipholding Group Inc. of USA.