OSLO, Norway, March 5, 2002 (PRIMEZONE) — Two employees of Frontline (NYSE:FRO) have exercised options to acquire a total of 20,000 shares in Frontline. 10,000 shares have been acquired at a strike price of NOK 30.83 per share, and 10,000 shares have been acquired at a strike price of NOK 45.33. Total proceeds were NOK 761,600.
Ola Lorentzon, CEO Frontline Management AS, acquired 10,000 of the above mentioned shares at a strike price of NOK 45.33. After this Mr. Lorentzon holds 10,000 shares and 58,000 options in the Company.
Total number of outstanding shares after this is 76,442,566.
Kate Blankenship, CAO Frontline Ltd., has sold 1,000 shares at a price of NOK 111.50. After this Mrs. Blankenship holds 1,000 shares and 26,000 options in the Company.
CONTACT: Frontline Ltd Kate Blankenship +1 441 295 6935 Tom E. Jebsen +47 23 11 40 00