Frontline Ltd.: Interim Report, July-September 2002 — Third Quarter and Nine Month Results


HAMILTON, Bermuda, Nov. 18, 2002 (PRIMEZONE) — Frontline Ltd. (NYSE:FRO) (LSE:FRO) reports earnings before interest, tax, depreciation, and amortisation including earnings from associated companies (EBITDA) of $26.6 million and a net loss of $37.2 million for the third quarter of 2002. The net loss figure includes losses of $15.4 million relating to the mark to market valuation adjustment of the Company’s Equity Swap Line. The loss per share for the quarter was $0.49.

The average daily time charter equivalents (“TCEs”) earned by VLCCs, Suezmax tankers, and Suezmax OBO carriers were $16,900, $14,300 and $13,400, respectively, compared with $18,600, $17,600 and $15,300, respectively in the immediately preceding quarter. These TCEs include vessels trading on the spot market and on time charters. Average daily ship operating expenses are in line with budget, reflecting drydocking of five vessels during the quarter.

The full report is enclosed on the following link:

CONTACT:  Frontline Management AS
          Ola Lorentzon, Managing Director
          +47 23 11 40 00 

          Tom E. Jebsen, Chief Financial Officer
          +47 23 11 40 00