Frontline Ltd. (the “Company” or “Frontline”) (NYSE:FRO, OSE:FRO) announces that Golden Ocean Group Limited (“Golden Ocean”) will be listed on the Oslo Stock Exchange (OSE) as from tomorrow, Wednesday 15 December, 2004. Golden Ocean has been assigned ticker code “GOGL”.
Further Frontline today announces it has acquired two newbuilding contracts for two 74,500 dwt panamax carriers, each to be delivered in the second half of 2005 at a contract price for each of USD 42 million. Golden Ocean and Frontline have agreed that Golden Ocean shall have the option to acquire, at Frontline’s cost plus Frontline’s funding expenses, all of Frontline’s shares in two single purpose companies which will be nominated as the buyers of the two vessels. The options must be declared by the end of 2005.
The prospectus in connection with the demerger and listing of Golden Ocean is available on www.frontline.bm.
December 14, 2004