Investors in the OTC listed shipowner have been handed a total of 3,988,275 Avance shares as part of a strategy that will focus Frontline 2012 on the tanker market.
Based on the NOK 112 trading price of Avance, the stake is worth NOK 466.67m ($58.61m).
Frontline took a one-third interest in Avance in 2013 as part of a deal which saw it sell eight newbuildings to its new partner.
