HAMILTON, Bermuda, June 8, 2015 (GLOBE NEWSWIRE) -- Reference is made to the announcement on May 29, 2015, that Frontline Ltd. (NYSE/OSE: FRO) (the "Company" or "Frontline") had entered into a heads of agreement to amend the terms of the long term charter agreements with Ship Finance International Limited ("Ship Finance").
The new agreement has now been completed, and 55 million new Frontline shares have after close of trading on June 5, 2015, been issued to Ship Finance. Following such issuance, Frontline has an issued share capital of USD 198,375,854 divided into 198,375,854 ordinary shares par value USD 1 each.
Frontline has agreed to register the new shares for resale with the US Securities and Exchange Commission. The new shares will be eligible for listing and trading on the Oslo Stock Exchange upon approval of a listing prospectus by the Norwegian Financial Supervisory Authority (expected during July 2015).
June 5, 2015
Frontline Ltd.
Hamilton, Bermuda
Questions should be directed to:
Robert Hvide Macleod: Chief Executive Officer, Frontline Management AS
+47 23 11 40 00
Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 00
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
HUG#1926836
