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History 2006

In October 2006, the Company took delivery of the vessel Front Shanghai, the second of two VLCC newbuildings being built at Nantong Cosco Khi Ship Engineering in China.
In September 2006, Frontline (through its affiliated company Ship Finance International Limited), sold the VLCC Front Tobago.
In July 2006, Frontline took delivery of the vessel Front Beijing, the first of two VLCC newbuildings being built at Nantong Cosco Khi Ship Engineering in China. The vessel was subsequently sold in September 2006.
During 2006, Frontline entered into a contract with Jiangsu Rongsheng Heavy Industries Group Co. Ltd. in China for delivery of two 153.000 dwt Suezmax newbuildings with delivery in November 2008 and February 2009. Frontline also secured options for further 2 + 2 similar Suezmax newbuildings.
In June 2006, Frontline increased their exposure to the VLCC market trough chartering in two double hull VLCCS from Knightsbridge Tankers Ltd. for a five year period.
During 2006, Frontline ordered four VLCCs at the Jiangnan shipyard for delivery in 2009 and 2010. Two of these originally newbuilding contracts were sold. Subsequently to the sale, Frontline entered into further two newbuilding contracts including an option for an additional two newbuildings for delivery 2010/2011. The options were exercised and simultaneously sold to a third party in 2006.
In April 2006, Frontline's subsidiary CalPetro Tankers (Bahamas III) Limited took redelivery from Chevron Transport Corporation ("Chevron") of the vessel Virgo Voyager (renamed Front Voyager). Frontline replaced Chevron as the bareboat charterer through another wholly owned subsidiary.
In March 2006, Frontline announced the acquisition of the vessel "Gerrita" (built 1990, 112,046 dwt). The vessel is the first investment by Frontline's new business unit Frontline FPSO. Frontline FPSO operates on behalf of Frontline on both Floating Production, Storage and Offloading (FPSO) and Floating Storage and Offloading (FSO) projects. The Gerrita was renamed Front Puffin.

Frontline also announced the sale of its VLCC Golden Stream (built 1995, 275,616 dwt).
In January 2006, the VLCC Navix Astral was sold to its existing bareboat charterer pursuant to a charterer's purchase option that was exercised in November 2005. In January 2006 the Company sold the Front Tobago to Ship Finance to replace and fulfill the remainder of the Navix Astral time charter with Frontline.