Frontline — Interim Report July — September 2005

14.11.2005

HAMILTON, Bermuda, Nov. 14, 2005 (PRIMEZONE) — Frontline: Highlights

– Frontline reports net income of $73.8 million and earnings per share of $0.99 for the third quarter of 2005.

– Frontline reports nine month results of $473.1 million and earnings per share of $6.32.

– Frontline announces a cash dividend of $1.50 per share.

Third Quarter and Nine Months Results

The Board of Frontline Ltd. (the “Company) announces net income of $73.8 million for the third quarter of 2005, equivalent to earnings per share of $0.99. Operating income for the quarter was $142.1 million compared to $185.1 million in the second quarter. This reflects the continued decrease in the market during the third quarter. The average daily time charter equivalents (“TCEs”) earned in the spot and period market by the Company’s VLCCs, Suezmax tankers and Suezmax OBO carriers were $37,100, $26,200 and $34,700 respectively compared with $50,300, $34,100 and $36,400 respectively in the second quarter of 2005. In the third quarter, a gain of $32.4 million was reported on the sale of a Suezmax tanker.

Interest income was $10.9 million in the quarter, of which, $5.9 million relates to restricted deposits held by subsidiaries reported in Independent Tankers Corporation (“ITC”). The Company recorded interest expense of $50.3 million in the third quarter of which $15.7 million relates to ITC.

The total for other financial items in the third quarter was a gain of $17.2 million compared to a net gain of $2.7 million in the second quarter of 2005. An increase in the forward curve for Libor rates in the quarter has resulted in valuation gains of $8.4 million on interest rate swaps in the third quarter compared to valuation losses of $8.0 million in the second quarter of 2005. As at September 30, 2005, the Company had interest rate swaps with a total notional principal of $622.6 million of which $572.6 million relates to Ship Finance International Limited (“Ship Finance”). The valuation of freight future agreements to market value has e announces net income of $473.1 million for the nine months ended September 30, 2005, equivalent to earnings per share of $6.32. The TCEs earned in the spot and period market by the Company’s VLCCs, Suezmax tankers, and Suezmax OBO carriers were $54,300, $39,200 and $35,600, respectively.

As at September 30, 2005, the Company had total cash and cash equivalents of $794.2 million which includes $602.9 million of restricted cash. Restricted cash includes $310.3 million relating to deposits in ITC and $289.7 million in Frontline Shipping Limited and Frontline Shipping II Limited. As of November 2005, the Company has cash breakeven rates on a TCE basis for VLCCs and Suezmaxes of $27,712 and $20,990 respectively. The results for the quarter and nine months ended September 30, 2004 and the year ended December 31, 2004 have been restated to reflect discontinued operations related to the dry bulk operations sold during 2004 and 2005.

The full report is available on the following link: http://hugin.info/182/R/1020895/160967.pdf

November 13, 2005 The Board of Directors Frontline Ltd. Hamilton, Bermuda

CONTACT: Tor Olav Troim: Director, Frontline Ltd 
         +44 7734 976 575

         Oscar Spieler: Chief Executive Officer, Frontline Management AS
         +47 23 11 40 79

         Tom Jebsen, Chief Financial Officer, Frontline Management AS 
         +47 23 11 40 21