FRO - Termination of charter-in contract for OBO carrier

Hamilton, Bermuda, May 18, 2011

Frontline Ltd. ("Frontline" or the "Company") has agreed with Ship Finance International Limited ("Ship Finance") to terminate the long term charter party between the companies for the OBO carrier Front Breaker. Ship Finance has simultaneously sold the vessel. The termination of the charter is expected to take place in May 2011.

Frontline will make a compensation payment to Ship Finance of approximately $6.6 million for the early termination of the charter. Furthermore, the transaction will reduce the Company's obligations under capital leases with approximately $10.2 million. The Company expects to record a loss of approximately $8 million in the second quarter 2011.

Frontline Ltd.