OSLO, Norway, July 16, 2001 (PRIMEZONE) — Frontline Ltd. (Nasdaq:FRONY) (LSE:FRO) (OSE:FRO) announced today that it has been approved to list its ordinary shares on the New York Stock Exchange under the ticker symbol “FRO”. Trading is expected to begin on August 6, 2001. Frontline is terminating its ADR program and expects to delist its ADR’s, which trade on a 1:1 radio with its ordinary shares, from the Nasdaq National Market concurrently with the commencement of trading of Frontline’s ordinary shares on the New York Stock Exchange. John Fredriksen, Chairman of Frontline, stated, “The approval of our ordinary shares for listing on the New York Stock Exchange will be a significant step towards enhancing the liquidity of the trading market for our shareholders. We look forward to joining other mature, successful companies on the New York Stock Exchange.”
Separately, Frontline also announced that it has filed a shelf registration statement with the U.S. Securities and Exchange Commission which covers potential offerings by Frontline of debt, equity and convertible securities up to a total dollar amount of $500 million. The registration statement also covers potential disposals of Frontline ordinary shares through sales, or conversions into non-cash consideration by two companies indirectly controlled by Mr. Fredriksen.
The shelf registration statement will give Frontline increased flexibility to utilize different financing alternatives to fund continued growth and to serve as a basis for future corporate developments, including further consolidation of the tanker market. Frontline’s Board expects to consider these alternatives opportunistically, and intends, in this respect, to pay special attention to the implicit valuation of the Company’s equity and the consequences for its equity holders of any of the financing alternatives.
The Company has no specific plans to issue and Mr. Fredriksen has no specific plans to sell any of the securities covered by the shelf registration statement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of Frontline securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward Looking Statements
This press release contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including Frontline management’s examination of historical operating trends. Although Frontline believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, Frontline cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.
Important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in this press release include the strength of world economies and currencies, general market conditions, including fluctuations in charterhire rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC’s petroleum production levels and world wide oil consumption and storage, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission.
CONTACT: Frontline, Oslo
Tor Olav Troim
Tel: +47 23 11 40 00
Kate Blankenship
Tel. +1 441 295 6935