Norway's Frontline is set to buy New York-based Cambridge Partners' shares in 10 oil tankers and newbuilding contracts worth up to US$800 million including debt, according to a newspaper report.

Frontline, whose largest shareholder is Norwegian shipowner John Fredriksen, would pay Cambridge Partners $10 million to take over six 300,000 deadweight tonne tankers under construction and four Suezmax ships on long-term charter to Chevron Corp, the Dagens Naeringsliv newspaper said.

Two of the new ships had contracts secured with Chevron, while the remaining four were scheduled to work for British Petroleum when delivered from the Samsung yard in South Korea in 1999 and 2000, the paper said.