FRO – Development Heavy Lift Activity

In line with the strategy decided by the Board, Frontline Ltd. (“Frontline” or the “Company”) is currently in the process of establishing a separate entity to develop the Company’s heavy lift activity. Such a company will include up to six single hull Suezmax vessels. Five of these vessels are on long term leases from Ship Finance International Limited, and a deal is subject to reaching a mutually acceptable solution with Ship Finance International Limited for a purchase of these vessels.