Dockwise Completes Private Placement

Dockwise has successfully completed the private placement of 53,368,800 ordinary shares. The offer price in the Private Placement was NOK 25 and the Private Placement was oversubscribed.

Andre Goedee, CEO of Dockwise:

"We are very pleased with being able to raise capital in connection with the listing of Dockwise and believe we have a strong community of shareholders with which we look forward to develop Dockwise going forward. We view a listing on the Oslo Stock Exchange as an important milestone for the Issuer and look forward to delivering shareholder value."

The Private Placement

The offering consisted of 18,392,300 new ordinary shares offered by Dockwise and 34,976,500 existing ordinary shares offered by Frontline Ltd. The New Shares are expected to be available for trading on settlement, expected on or about 5 October 2007 (T+3), whilst the Existing Shares are available for trading on Oslo Børs on or about 2 October 2007. The total number of shares outstanding following settlement of the New Shares will be 229,755,438.

The Private Placement consisted of a private placement to institutional buyers qualified in their jurisdiction to participate in such private placement.

Use of Proceeds

The Issuer raised gross proceeds of approximately NOK 460 million (approximately $85 million) through the sale of New Shares, primarily to reduce its level of indebtedness.