PRESSRELEASE

Press release from Frontline Ltd. - 30.06.1998

Frontline Ltd. and ICB Shipping AB have during the last few weeks discussed alternative strategies for unwinding the locked situation between the two companies. Different proposals for a solution have been discussed including a split-up of ICB.

In view of the lack of progress in the discussions, Frontline has today decided to terminate any further discussions with ICB.

Pr. Frontline Management AS

Tom E. Jebsen
CFO

Contact person: Tor Olav Trøim, +1 917 864 4565

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