The Board of Frontline Ltd. (the “Company” or “Frontline”) announces that the former CEO of Frontline Management AS, Bjørn Sjaastad, has exercised options to acquire a total of 33,333 shares in Frontline in accordance with the terms previously disclosed to the market. The total number of shares outstanding in Frontline following this is 74,858,502.
Mr. Sjaastad has no remaining option rights in Frontline following this exercise.
June 11, 2008
Frontline Ltd.
Hamilton, Bermuda
Questions should be directed to:
Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 00
Forward Looking Statements
This press release contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including Frontline management’s examination of historical operating trends. Although Frontline believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, Frontline cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.
Important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in this press release include the strength of world economies and currencies, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the tanker market as a result of changes in OPEC’s petroleum production levels and world wide oil consumption and storage, changes in the Company’s operating expenses including bunker prices, drydocking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission.