DHT Holdings is on the verge of cementing a $300m finance deal to help pay for its embattled purchase of BW Group's VLCC fleet, the tanker owner's lawyer said.

The preliminary agreement was revealed Wednesday during a court battle launched by New York and Oslo-listed Frontline that is aiming to derail the acquisition of 11 large tankers.

As TradeWinds was first to report earlier today, John Fredriksen-backed Frontline sued both New York-listed DHT and Singapore's BW in a bid to block the $538m transaction.