subscription by shareholders that closed last week.

The Bermuda-registered holding company for Mr. Fred Olsen group's tanker fleet completed the share offering in London on November 9, 1993.

The company will be listed on the Oslo Stock Exchange and trading was due to commence on Friday, November 12, 1993.

Both the international offering and the subsequent Norwegian retail offering were oversubscribed.

The company also plans to make arrangements for trading of its shares in the over-the-counter market (SEAQ) in London.

After the offering, the company began operation with the acquisition of a fleet of six Suezmax tankers and two new building contracts.

The three main shareholders are the group's Olso-listed concerns Bonheur and Ganger Rolf, each with 17.6 percent ownership, and First Olsen Tankers Limited (Cayman Islands), a company in which Bonheur and Ganger Rolf have a 49 percent interest, with ten percent ownership.

Bonheur and Ganger Rolf will together own just over 40 percent. The company's shares are distributed between US-based institutional investors with 25 percent, UK-based investors and other mainly continental investors with 30 percent and Norwegian institutional and private investors with five percent.

The total registered Norwegian ownership is currently about 40 percent.