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FRO - Announces Debt-for-Equity Exchange

Stocks in this article: FRO

HAMILTON, Bermuda, Oct. 11, 2013 (GLOBE NEWSWIRE) --

Frontline Ltd. (NYSE:FRO) ("Frontline" or the "Company") today announced that it
has  entered into a private agreement to exchange $25 million of the outstanding
principal  amount of  the Company's  4.5% Convertible Bond  Issue 2010/2015 (the
"Bonds")  for an  aggregate of  approximately 5.8 million  shares at an exchange
price  of $2.41 per share, the closing price  of the Company's shares on the New
York  Stock Exchange on October 10, 2013, and  a cash payment of $2,250,000.  In
addition,  under  the  exchange  agreement,  Frontline  has  agreed to issue, on
October  18, 2013, up to an additional 1.2 million  shares to the holders of the
Bonds  based on  an agreed  formula if  the 5-day  volume-weighted average price
(VWAP) of the Company's shares, for the period ending October 17, 2013, is lower
than the exchange price, subject to a minimum VWAP price of $2.00 per share.

The  issuance of the  common shares to  the holders of  the Bonds is expected to
close on October 16, 2013.

October 11, 2013
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda

Questions should be directed to:
Jens Martin Jensen: Chief Executive Officer, Frontline Management AS
+47 23 11 40 00
Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 00

FORWARD LOOKING STATEMENTS

This  report contains  forward-looking statements  including but  not limited to
statements  regarding  the  Company's  financing  activities  and  other  future
activities.   These   forward-looking   statements  are  subject  to  risks  and
uncertainties,  and actual results  may differ materially.  Certain factors that
may  affect actual results to differ materially include, without limitation, our
ability  to  complete  and  a  delay  in completing the debt-for-equity exchange
described above. Please refer to Frontline's SEC filings for more information on
the  other factors  that could  cause actual  results to  differ materially from
expectations,  specifically  the  sections  titled  "Risk Factors" and "Forward-
Looking Statements" in the Company's Annual Report on Form 20-F.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

[HUG#1735058]

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