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History 2007

In December 2007, Frontline and Ship Finance agreed to terminate the long term charter parties for the double sides, single bottom Suezmax tankers Front Birch and Front Maple. Frontline received a compensation payment from Ship Finance of approximately $32.8 million.
In November 2007, Frontline sold its entire holding of 1,714,544 shares in IMAREX ASA at a gross price of NOK 160 per share, with net proceeds of approximately $ 51 millions.
In October 2007, Frontline sold its entire holding of 34,976,500 shares in Dockwise at a gross price of NOK 25 per share, with net proceeds of approximately $157 million.
In June 2007, Frontline sold its single hull Suezmax tanker Front Horizon.
In June 2007, Frontline sold its entire holding of 25,500,000 shares in Sea Production. The sale of the shares was in line with Frontlines strategy to remain a pure crude oil transportation company. Frontline and Sea Production will continue a strategic partnership with respect to conversion of crude oil tankers into oil storage and production units.
In April 2007, Frontline exercised the remaining two options for 156,000 dwt Suezmax newbuilding contracts at Jiangsu Rongsheng Heavy Industries Group Co. Ltd. in China. These vessels will be delivered in October and December 2010, respectively. Following this, Frontline has eight Suezmax and four VLCC newbuildings on order.
In March 2007, Frontline exercised two of the options for 156,000 dwt Suezmax newbuilding contracts at Jiangsu Rongsheng Heavy Industries Group Co. Ltd. in China. The vessels will be delivered in April and June 2010.
In March 2007, Ship Finance International Limited, an affiliated company of Frontline sold the single hull VLCC Front Vanadis.
In February 2007, Frontline established a separate entity to develop floating production (FPSO) and storage (FSO) projects, named Sea Production Ltd. ("Sea Production"). Frontline is a 28 percent shareholder. Sea Production acquired Frontline's floating production activities including the FPSO "Front Puffin" currently under conversion at Keppel Shipyard in Singapore and its floating production management organization, including the management company and the FPSO project portfolio.
In January 2007, Frontline established a separate entity to develop the Company's heavy lift activity named Sealift Ltd. ("Sealift"). Frontline a 33 percent shareholder. Sealift acquired from Frontline four vessels where Frontline has the total responsibility for the conversion from Suezmax vessels to heavy lift vessels and two further Suezmax sister vessels including option contracts with a yard to convert these to heavy lift vessels. Estimated delivery for all the four units will be in the period April 2007 through May 2008. Three of the vessels are chartered back to Frontline on bareboat from the end of February 2007 until the conversion takes place.
In January 2007, Frontline (through its affiliated company Ship Finance International Limited), sold its single hull Suezmax tanker Front Transporter.