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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 March , 2000
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Frontline Ltd.
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(Translation of registrants 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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FRO: Press Release
Frontline has of March 8, 2000, acquired US$ 46.75 million of
Golden Ocean Limited US$ 296 million Senior Notes. The Notes
have been acquired at an average price of approximately 11 % of
par value. Golden Ocean is a shipping group, which controls 17
VLCC built after 1995 and 11 modern bulkcarriers. Five of the
VLCCs are still under construction. Golden Ocean filed for
bankruptcy protection under Chapter 11 of the U.S. Bankruptcy
Code, as of January 2000 and has through this protection been
given a period of up to 135 days to file a petition for
reorganisation. As one of Golden Oceans largest creditors,
Frontline will seek to be actively involved in the restructuring
process.
Frontline Acquires US$ 46.75 million of Golden Ocean Limited US$
296 million Senior Notes
Frontline has as of March 8, 2000 acquired US$ 46.75 million of
Golden Ocean Limited US$ 296 million Senior Notes due in August
2001. The Notes have been acquired at an average price of
approximately 11 % of par value.
Golden Ocean Group (the Group) is a shipping group, which
controls 17 VLCC built after 1995. Five of the VLCCs are still
under construction. In addition, the Group controls 11 modern
bulkcarriers. Most of the delivered tonnage is presently
employed on medium to long term charters.
Golden Ocean filed for bankruptcy protection under Chapter 11 of
the U.S. Bankruptcy Code, as of January 2000 and has through this
protection been given a period of up to 135 days to file a
petition for reorganisation. It is likely that any restructuring
solution will give the bondholders a new debt instrument as well
as the overwhelming majority equity stake in the Golden Ocean
Group.
Frontline, which since 1996 has been one of the leading
consolidators in the tanker industry, views the limited
investment in Golden Ocean as an opportunity to accelerate this
consolidation process further. As one of Golden Oceans largest
creditors, Frontline will seek to be actively involved in the
restructuring process. Frontline will, on request from the
company and the creditors, be prepared to act as manager for the
Golden Ocean Group. Such a management solution could
substantially reduce the administration costs in Golden Ocean,
and thereby improve the companys tight cashflow position.
Management by Frontline, which today is the worlds largest
independent tanker owner, should also increase Golden Oceans
commercial credibility.
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Frontline feels that the Golden Ocean Bonds are fully valued at
this time and will currently not seek to acquire more bonds in
Golden Ocean. Frontline alone, or together with other industry
partners, could however at acceptable terms, be prepared to
advance new cash equity or new debt instruments into the Golden
Ocean Group. These proceeds would be used to secure the
financial stability of the Group. The most immediate need is to
secure adequate equity financing for the remaining five VLCC
newbuildings from Hitachi and Kawasaki, and ensure the Group has
adequate working capital to continue its business.
Frontline Ltd. is the world largest tanker company, with a fleet
of 26 modern Suezmaxes and 13 VLCCs all built after 1990. Total
transport capacity is approximately 55 million barrels of oil.
The Company is domiciled in Bermuda, and is listed in Oslo, New
York and London. Current market capitalisation is approximately
US$ 500 million.
09.03.00
Contact Person: Director Tor Olav Troim 47 - 23 11 40 00
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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 March 9, 2000 By /s/ Kate Blankenship
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Kate Blankenship
Secretary
02089009.AA8
