Demerger of Golden Ocean Group Limited


Frontline today announces the completion of the spin-off of Golden Ocean Group Limited (GOGL). As mentioned in the press release dated December 22, the Cash Price as therein defined was NOK 3.71 per GOGL share or USD 0.60.
To determine the Cash Price, Frontline sold 30 million GOGL shares in the market over a five day period from December 15 until December 21.
After Frontline has distributed GOGL shares to those entitled to such, Frontline is left with approximately 23,918,832 GOGL shares equal to 10.7% of the share capital in GOGL.
January 11, 2005
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda