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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of October , 2000
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Frontline Ltd.
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(Translation of registrant's name into English)
Mercury House, 101 Front Street, Hamilton, HM 12, Bermuda
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F
Form 20-F ____X______ Form 40-F ___________
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.
Yes __________ No _____X_____
If "Yes" is marked, indicate below the file number assigned to
the registrant in connection with Rule 12g3-2(b): 82-___________
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Item 1. INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached as Exhibit 1 is a copy of the press release of Frontline
Ltd. (the "Company"), dated October 16, 2000.
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Exhibit 1
FRO - ACQUISITION
Frontline has completed the acquisition of the Golden Ocean
Group. In connection with the final settlement with the unsecured
creditors Frontline has issued a total of 1,245,998 new Frontline
shares at a issue price of USD 15.65 per share (NOK 143.45). The
issue price was set as the average share price during the ten
days prior to effective date. The total number of outstanding
shares in Frontline will after this be 79,785,565.
Based on the acceptance forms from the unsecured creditors in the
bankruptcy the total number of shares issued would have been
approximately 2.1 million. The Board has, however, used its right
to limit the number of shares to the contractual minimum, and pay
the excess amount in cash. Totally USD 18.7 million will be paid
to external unsecured creditors. The decision to limit the stock
alternative to a minimum is taken after a careful consideration
of the issue price, Frontline's limited, existing forward capital
expenditures and the Company's strong cashflow. The Board has,
based on these three factors, sought to limit the dilution in
future earnings and value development per share for the existing
shareholders.
Chairman John Fredriksen says in a comment to the transaction. "
We are very pleased with the fact that we today can include
Golden Ocean as a subsidiary of the Frontline Group. When Golden
Ocean filed their bankruptcy in January and Frontline started to
acquire the unsecured debt the VLCC T/C spot rates were between
USD 10 - 15,000 per day. Since then we have been through a strong
recovery in the market. We feel that the addition of 13 modern
VLCCs to the Frontline fleet positions our Group well for the
future, and creates a well timed upside for Frontline's equity
holders."
16 October 2000
Hamilton Bermuda
Contact persons:
Frontline: Tor Olav Troim +47-90688267
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorised.
Frontline Ltd.
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(Registrant)
Date October 17, 2000 By /s/ Kate Blankenship
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Kate Blankenship
Company Secretary
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02089009.AC1