Frontline Acquisition: Bergesen Enters Preliminary Agreement with Tankers International


OSLO, Norway, June 1, 2001 (PRIMEZONE) — Bergesen has entered into a preliminary agreement with a consortium of partners in Tankers International led by Frontline (Nasdaq:FRONY) regarding a sale of the tankers “Berge Ariake” and “Berge Sakura,” as well as the new building 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 $164 million and for the new building contracts $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.

CONTACT: Frontline, Oslo
         Kate Blankenship
         011 441 295 6935

         Ola Lorentzon
         011 441 295 6935

         Tor Olav Troim
         011 47 23 11 40 00