Acquisition

Press release from Frontline Ltd. - 18.09.2000

The creditors of Golden Ocean and the bankruptcy court of Wilmington, Delaware approved 15 September Frontline’s plan for restructuring of Golden Ocean.

The effective date for the full take-over of Golden Ocean is estimated to 2 October. After that date Frontline will own 100 % of the equity of the restructured Golden Ocean Group.

Golden Ocean, which has interests in 13 VLCCs and 10 bulk carriers will be kept as a non-recourse subsidiary within the Frontline Group but will from 2 October be fully consolidated in Frontline’s accounts.


Hamilton, Bermuda
18 September 2000


Contact person: Tor Olav Trĝim, tel +47 23 11 40 00

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