Bergesen has entered into a preliminary agreement with a consortium of partners in Tankers International led by Frontline regarding a sale of the tankers “Berge Ariake’ and “Berge Sakura’ as well as the newbuilding contracts for two tankers to be delivered in the first half of 2002. The vessels are 296,000 dwt.

Total price for the two existing vessels is USD 164 million and for the newbuilding contracts USD 157 million.

The agreement is only conditioned upon buyer’s board approval, which is expected to be confirmed shortly.

Frontline’s final ownership in the consortium will be communicated in connection with the final confirmation of the deal.

Hamilton, Bermuda

1 June 2001