57OT Hsbc Bk. 25

RNS Number:5812E
Frontline Ld
1 June 2001

FRO - Acquisition

Bergesen has entered into a preliminary agreement with a consortium of partners
in Tankers International led by Frontline regarding a sale of the tankers "Berge
Ariake" and "Berge Sakura" as well as the newbuilding contracts for two tankers
to be delivered in the first half of 2002. The vessels are 296,000 dwt.

Total price for the two existing vessels is USD 164 million and for the
newbuilding contracts USD 157 million.

The agreement is only conditioned upon buyer's board approval, which is expected
to be confirmed shortly.

Frontline's final ownership in the consortium will be communicated in connection
with the final confirmation of the deal.

Contact persons:

Ola Lorentzon and Kate Blankenship, +1 441 295 6935 
Tor Olav Troim, +47 23 11 40 00

Hsbc Bk. 25 (LSE:57OT)
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