recently incorporated First Olsen Tankers in Bermuda.

The newly formed company will hold the majority of the Olsen group's suezmax tanker fleet.

The principal shareholders are A/S Ganger Rolf, A/S Bonheur and predecessor company, First Olsen Tankers Limited, a Cayman Islands company, have subscribed to 8.7 million shares in the new company.

An international offering is expected to raise $105 million. The international offering of 10.5 million shares will be issued at $10 per share. The offering is expected to close on November 9, 1993.

The shares are to be listed on the Oslo Stock Exchange. The lead managers are Fearnley Fonds A/S. J Henry Schroder Wagg & Co and BNP Capital Markets are the co-lead managers.

Mr. John Sharpe, partner at Conyer, Dill & Conyers, the law firm acting for First Olsen Tankers in Bermuda said, "This is the second shipping company incorporated in Bermuda to recently seek a listing on the Olso stock exchange.

"Both the Olsen group and Smedvig Tank Ships Limited have had a long association with Bermuda. It is generally perceived as an acceptable jurisdiction worldwide, approved by the Stock Exchanges and has a good profile with the shipping world,'' he said.

London and Overseas Freighters, another Bermuda company, recently announced a share offering on the London Stock Exchange.

First Olsen Tankers managing director is Mr. Jon Edvard Sundnes. The company's fleet will consist of seven Suezmax tankers and one new tanker, purchased from Fred Olsen group companies held by the group's Olso-listed concerns Ganger Rolf and Bonheur.

The Bermuda company, First Olsen Tankers, is the holding company for seven recently incorporated subsidiaries, that will own individual tankers. In its preliminary offering circular, issued this month, the company stated that its main objective is to achieve value for shareholders through developing a strong flow of earnings from spot and time charters.

It stated plans to increase the value of its assets both through well managed operations and through timely sale and purchase deals.

It many also consider diversification into other sectors of the tanker market in the long term.