The Board of Frontline Management AS and Mr. Ola Lorentzon have today agreed that Mr. Lorentzon shall retire from his current position as Frontline Management AS's managing director, effective from 1 October 2003.
Frontline Management AS is the manager of Frontline Ltd. pursuant to the terms of a management agreement.
Mr. Lorentzon commenced his employment with the Frontline Group at the time of its acquisition of ICB Shipping AB in 1999/2000 and has held senior positions in the Group's overall management structure since that time.
Mr. Lorentzon will remain available to Frontline Management AS until yearend in order to finalise ongoing projects.
Mr. Lorentzon will, as a consequence of his retirement relocate to his native Sweden where he will focus on directorships, including his position as chairman of Knightsbridge Tankers Ltd. and personal interests.
The Frontline Group regrets Mr. Lorentzon's decision as he has contributed to the success of Frontline Ltd. over the years of his association with the Group.
The board of Frontline Management AS has, as a consequence of Mr. Lorentzon's retirement, appointed Mr. Oscar Spieler, currently head of the company's technical department, as its new managing director. Mr. Spieler has been with Frontline Management AS since 1999 and held positions with DNV and Bergesen prior to that.