57OT Hsbc Bk. 25

RNS Number:7223E
Frontline Ld
5 June 2001


FRO - Acquisitions

Frontline Ltd's board has finally approved to participate with a 33% interest in
a consortium, which will be established to buy 4 VLCCs from Bergesen for a total
price of USD 321 million. The remaining interest in the joint venture will be
taken up by other partners in Tankers International. The ships will be financed
through the joint venture and it is anticipated that Frontline's equity
investment in the 4 ships will be less than USD 35 million.

The board of Frontline Ltd. has further agreed to acquire 47.2% of the K/S parts
in the K/S "Moseagle Invest K/S". The K/S controls a VLCC newbuilding scheduled
to be delivered from Samsung in Korea in November 2001. Through its investment
in Mosvold Shipping Frontline already controls the remaining 52.8% of the K/S.

The purchase price for the K/S parts is based on a ship price of USD 83.2
million.

Contact persons:  Kate Blankenship, +1 441 295 6935 
                  Ola Lorentzon,    +47 23 11 40 00

Hsbc Bk. 25 (LSE:57OT)
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Hsbc Bk. 25 (LSE:57OT)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025