FRO – Sale of shares in Sea Production

Frontline Ltd. (the ‘Company’ or ‘Frontline’) has on June 6, 2007 sold its entire holding of 25,500,000 shares in Sea Production Ltd. (‘Sea Production’) for a net price of NOK 15.75 per share, equal to approximately $67 million. The sale of the shares is in line with Frontlines strategy to remain a pure crude oil transportation company. The sale also follows the Company’s previously announced strategy to either sell or spin off the Sea Production shares to Frontlines shareholders.