|  Name                                   | Country ofIncorporation | Ownership      andVoting Percentage |
|----------------------------------------------|-------------------------|-------------------------------------|
|                                         |                    |                                |
|                                         |                    |                                |
| Frontline      Shipping Limited              | Bermuda                 | 100%                                |
| Frontline      Shipping II Limited           | Bermuda                 | 100%                                |
| Key      Chartering Inc                      | Liberia                 | 100%                                |
| Frontline      Management (Bermuda) Ltd      | Bermuda                 | 100%                                |
| ICB      Shipping (Bermuda) Limited          | Bermuda                 | 100%                                |
| Frontline      Tankers Limited               | Bermuda                 | 100%                                |
| Frontline      Corporate Services Ltd        | United      Kingdom     | 100%                                |
| Independent      Tankers Corporation Limited | Bermuda                 | 82.5%                               |
| Independent      Tankers Corporation         | Cayman      Islands     | 100%                                |
| Buckingham      Shipping Plc                 | Isle      of Man        | 100%                                |
| Caernarfon      Shipping Plc                 | Isle      of Man        | 100%                                |
| CalPetro      Tankers (IOM) Ltd              | Isle      of Man        | 100%                                |
| CalPetro      Tankers (Bahamas I) Ltd        | Bahamas                 | 100%                                |
| CalPetro      Tankers (Bahamas II) Ltd       | Bahamas                 | 100%                                |
| CalPetro      Tankers (Bahamas III) Ltd      | Bahamas                 | 100%                                |
| Golden State      Petro (IOM 1-A) Plc   | Isle      of Man        | 100%                                |
| Golden      State Petro (IOM 1-B) Plc        | Isle      of Man        | 100%                                |
| Holyrood      Shipping Plc                   | Isle      of Man        | 100%                                |
| Sandringham      Shipping Plc                | Isle      of Man        | 100%                                |
| Front      Eagle Corporation                 | Liberia                 | 100%                                |
| Golden      Channel Corporation              | Liberia                 | 100%                                |
| Kea      Navigation Ltd                      | Liberia                 | 100%                                |
| Otina      Inc.                              | Liberia                 | 100%                                |
| Optimal      Shipping SA                     | Liberia                 | 100%                                |
| Pablo      Navigation SA                     | Liberia                 | 100%                                |
| Ryan      Shipping Corporation               | Liberia                 | 100%                                |
| Saffron      Rose Shipping Limited           | Liberia                 | 100%                                |
| Tidebrook      Maritime Corporation          | Liberia                 | 100%                                |
| Bandama      Investment Ltd                  | Liberia                 | 100%                                |
| Frontline      Management AS                 | Norway                  | 100%                                |