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.
Hamilton, Bermuda
5 June 2001
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