Variety Of Vessels Acquired

Friday, November 19, 1999
OMI Corp. has agreed to attain one of two Suezmax tankers currently under construction in Korea from Mega Tankers ASA of Oslo. The second tanker is being acquired by Frontline Ltd., the company's partner in Alliance Chartering LLC, which commercially manages the largest fleet of Suezmax tankers in the world. With a purchase price of $46.1 million, the company will issue 6.3 million shares valued at $2.50 per share to the sellers and assume approximately $30.3 million net in obligations to the shipbuilder.

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