FRO – Declaration of Option to Convert to Heavylift Vessel

Frontline Ltd. (“Frontline” or the “Company”) has declared an option with COSCO Shipyard, China to convert Front Target to a heavylift vessel. The conversion will begin in May 2007, and completion is expected in August 2007. By fitting a new mid-ship section and upgrading all major components of the vessel, we foresee that the vessel will be able to operate for at least 15 years.