Frontline's share capital increased by USD 3,000,000
Frontline yesterday issued 3,000,000 shares with par value USD 1 to Hemen Holding Limited (Hemen), the owners of Fourways Marine Ltd. (Fourways) in exchange for Frontline acquiring 100% of the shares in Fourways. This transaction was first announced in a press release dated September 1, 1997.
Fourways is the owner of 'Sea Spirit', which has been renamed 'Front Spirit'.
After the transaction, Hemen, which is indirectly controlled by John Fredriksen, owns 65,131,500 shares in Frontline, equal to 47.65% of the share capital.
Total number of shares in Frontline is 136,701,507 after the transaction.
Hamilton, Bermuda, November 14, 1997
Frontline Ltd Board of Directors
Questions should be directed at: Tom E. Jebsen, CFO of Frontline Management AS, Tel +47 23 11 40 00