Frontline Signs Commercial Agreement with BP on VLCCs


OSLO, Norway, May 24, 2002 (PRIMEZONE) — Frontline Ltd. (NYSE:FRO) is pleased to announce that it has agreed to a joint commercial agreement on VLCCs with BP (NYSE:BP). This agreement will effectively give Frontline exclusive access to BP’s global VLCC cargoes at a market related freight rate, while incorporating BP’s four “P” class VLCCs into the Frontline fleet.

Chairman of Frontline Ltd., Mr. John Fredriksen, said: “We are excited about the prospects of this deal with BP. It is one of the first times that a major oil company has given a shipping company exclusive access to its cargo programme. The natural access to cargo will improve the scheduling and lead to greater utilization of the fleet. This should again translate into improved performance.”

CONTACT:  Frontline, Oslo
          Tor Olav Troeim
          +47 23 11 40 00 

          Ola Lorentzon
          +47 23 11 40 00