Frontline Ltd has declared an option to buy back 430,000 Frontline Ltd shares at NOK 39.45 per share. The option was part of the deal announced in October 1999 where Frontline acquired a new building contract from the Mosvold-Farsund Group by issuing 1,910,000 shares. In the agreement with Mosvold-Farsund, Frontline had a one-year option to buy back 430,000 shares for NOK 37 plus 10% p.a. interest compensation.
After execution of the option Frontline holds 430,171 of its own shares. The Boards current plan is to propose to amortise these shares, leaving 78,532,447 shares outstanding.