Frontline: Acquisition of Assets


OSLO, Norway, June 18, 2001 (PRIMEZONE) — A consortium of Tankers International Partners consisting of Frontline (Nasdaq:FRONY) , Euronav and OSG, each with 1/3, has entered into an agreement with Bergesen to acquire the tankers Berge Ichiban and Berge Tokyo. The tankers are built in 2000 and are 296,000 dwt. The consortium will take delivery of the vessels in July/August 2001.

The two vessels are employed on time charter contracts to Exxon Mobil and Total Fina Elf, and the sales are subject to charters’ approval.

The purchase price is USD 78 million per vessel.

The purchase further strengthens Tanker International’s position as the leading operator of modern VLCC tonnage.

CONTACT:  Frontline, Oslo
          Kate Blankenship
          +1 441 295 6935

          Ola Lorentzon
          +47 2311 4000