Frontline Ltd. — Sale and Purchase of VLCC Newbuildings

28.06.2006

HAMILTON, Bermuda, June 28, 2006 (PRIMEZONE) — Frontline has as reported in the Company’s First quarter report ordered four VLCC newbuildings at Jignan Shipyard in China for delivery 2009 and onwards.

Two of these originally newbuilding contracts have in the second quarter been sold to third party including an element of profit. Frontline has subsequently to this sale entered into further two newbuilding contracts including an option for an additional two newbuildings.

Frontline will after this have the following VLCC newbuilding programs:


 Ship                 Yard                                   Delivery
 ----                 ----                                   --------
 VLCC newbuilding     Nantong Cosco Khi Ship Engineering     2006
 VLCC newbuilding     Nantong Cosco Khi Ship Engineering     2006
 VLCC newbuilding     Jiangnan Shipyard, PRC                 2009
 VLCC newbuilding     Jiangnan Shipyard, PRC                 2009
 VLCC newbuilding     Jiangnan Shipyard, PRC                 2010
 VLCC newbuilding     Jiangnan Shipyard, PRC                 2010
 Option for 2 VLCC 
  newbuildings        Jiangnan Shipyard, PRC                 2010/2011

Frontline has also increased their exposure to the VLCC market trough chartering in two double hull VLCCs from Knightsbridge Tankers Ltd. for a five year period. These charters commence in 2007.

The rationale behind these decisions is a firm belief that the underlying supply /demand balance for VLCCs will remain tight for the period to come. This tight balance will be driven by the phase out of single hull tonnage as well as increased transportation volume and longer average transportation distances.


 June 27, 2006 
 The Board of Directors 
 Frontline Ltd. 
 Hamilton, Bermuda