FRO - THIRD QUARTER AND NINE MONTHS 2014 RESULTS

 Highlights

• Frontline reports a net loss attributable to the Company of $59.6 million for the third quarter of 2014, equivalent to a loss per share of $0.60. 
• Frontline reports a net loss attributable to the Company of $14.5 million for the third quarter of 2014, when excluding impairment losses and loss on de-consolidation of the Windsor group of $45.2 million, equivalent to a loss per share of $0.15. 

Frontline reports a net loss attributable to the Company of $150.0 million for the nine months ended September 30, 2014, equivalent to a loss per share of $1.55. 

Frontline reports a net loss attributable to the Company of $48.6 million for the nine months ended September 30, 2014, when excluding impairment losses and loss on de-consolidation of the Windsor group of $101.4 million, equivalent to a loss per share of $0.50. 

Frontline has issued 1,140,226 new shares under the ATM program in the third quarter.

Frontline agreed with Ship Finance in July 2014 to terminate the long term charter parties for the 1999 built VLCCs Front Opalia, Front Comanche and Front Commerce and Ship Finance simultaneously sold the vessels to unrelated third parties. The charter parties for the Front Commerce, Front Comanche and Front Opalia terminated on November 4, November 12 and November 19, respectively.

In October 2014, the Company bought $17.8 million notional principal of its 4.50 % Convertible Bond Issue 2010/2015 at a purchase price of 91.654%.

In October 2014, Frontline entered into a private agreement to exchange $23.0 million of the Company's 4.5% Convertible Bond for an aggregate of 8,251,724 shares and a cash payment of $10 million plus accrued interest.

Third Quarter and Nine Months 2014 Results

The Board of Frontline Ltd. (the "Company" or "Frontline") announces a net loss attributable to the Company of $59.6 million in the third quarter, equivalent to a loss per share of $0.60, compared with a net loss of $78.2 million for the second quarter, equivalent to a loss per share of $0.81.

The Company has recorded a vessel impairment loss of $41.5 million in the three months ended September 30, 2014. This loss relates to the VLCCs Front Opalia, Front Commerce, Front Comanche and Ulriken. Impairment losses are taken when events or changes in circumstances occur that cause the Company to believe that future cash flows for an individual vessel will be less than its carrying value and not fully recoverable. In such instances an impairment charge is recognized if the estimate of the undiscounted cash flows expected to result from the use of the vessel and its eventual disposition is less than the vessel's carrying amount.