OSLO, Norway, Jan. 31, 2002 (PRIMEZONE) — Frontline (NYSE:FRO) has, based on the Stock Indexed Total Return Swap Program with Nova Scotia Group (Scotia), been informed that the latter, through market purchases executed today, has acquired 50,000 Frontline common shares. The shares have been acquired at an average price of NOK 86.50.
Since the shares are owned by Scotia the shares will not be subject to immediate cancellation, which has been the case for regular buy backs carried out by the Company. However, these shares will be considered acquired within the current Board authorization to buy back up to 7,500,000 shares (announced on May 9, 2001). Based on the above, 6,152,145 shares have been acquired within the total authorized, out of which the swap program consists of 2,225,000 at an average purchase price of NOK 73.38.
CONTACT: Frontline, Oslo Kate Blankenship +1 441 295 69 35 Tom E. Jebsen +47 23 11 40 00