Frontline reaps $225m in a day

The placement, announced yesterday, had a minimum subscription of $1m and was open for less than 24 hours. Proceeds from the sale will be used to finance the company's investment in Avance Gas Holding, its newbuilding programme and further expansion.

Frontline 2012 claims that the deal was significantly oversubscribed and that the shares have been purchased by high quality investors.

The joint lead managers and book runners for the placement were DNB Markets, Fearnley Securities, Arctic Securities, Pareto Securities and SpareBank 1.