Frontline: Mosvold Shipping Ltd. (MSL) – Share Acquisition

31.05.2001

OSLO, Norway, May 31, 2001 (PRIMEZONE) — On May 30, 2001, Frontline (Nasdaq:FRONY) acquired 9,099,693 shares in Mosvold Shipping. Frontline now owns 78,649,156 of Mosvold’s shares. In addition, Frontline has received acceptances of its recently expired public offer to acquire shares in Mosvold, corresponding to 4,554,432 shares in Mosvold Shipping.

Including the acceptances, Frontline now controls 83,203,588 shares in Mosvold Shipping, corresponding to 97 % of the 85,740,909 shares outstanding.


-0-
CONTACT  Frontline, Oslo
         Kate Blankenship
         +1 441 295 6935

         Tom E. Jebsen, CFO
         +47 23 11 40 00