The Board of Frontline Ltd. (“Frontline” or the “Company”) has engaged Mr. Bjørn Sjaastad as the new Chief Executive Officer (“CEO”) for Frontline Management AS. Mr. Sjaastad has an MBA, and from 1990 to 2004 he held the position as CEO in Odfjell ASA. Today Odfjell ASA is a market leader in the transportation of chemicals.
Mr. Sjaastad, who will join the Frontline group shortly, will take over from Mr. Oscar Spieler, who after several years with much stress wants a less stressing way of life. Mr. Spieler will still be employed by the Frontline group where he will be responsible for the development of the Frontline group’s new fields of operation, including FPSO activities and heavy lift transportation. The Board of Frontline, together with Mr. Spieler, will continuously consider possible separation of these activities into a new company.
The Chairman of Frontline, Mr. John Fredriksen, has expressed the following: “Through the engagement of Mr. Sjaastad, we have gained an outstanding and gifted person who will contribute greatly to the further development of the world’s largest tanker company. Mr. Sjaastad is highly respected within the capital market. When we in addition still have Mr. Spieler’s solid technical expertise and extensive capacity to develop the exciting business field for alternative use of the Company’s possessions, we feel that we have found the optimal solution”.
August 31, 2006
The Board of Directors