Frontline and affiliated parties have as of July 11 increased their holding in Golden Ocean Group Limited’s USD 291 million bond issue to totally USD 104,5 million. Through the purchases of the bonds Frontline and affiliated parties have acquired control of more than 1/3 of the total estimated unsecured claims in Golden Ocean. The current position gives Frontline and affiliated parties negative voting control in connection with the ongoing Chapter XI restructuring of Golden Ocean.
Hamilton, Bermuda
July 12, 2000