OSLO (Bloomberg) - Frontline Ltd. has agreed with Zhoushan Jinhaiwan Shipyard Co. Ltd. to restructure its VLCC newbuilding programme at the yard. Frontline said its total contract price is of $525 million.

The delivery dates for the vessels have been deferred by three months from the original contractual dates, with the first vessel to be delivered in January 2012 and the last in February 2013.

Payment terms of the previously ordered vessels have been improved.