In short Frames are a NO go when it comes to search engines, here is your explanation, You should note that there are more reasons on why not to use frames, the following justification is most important though.

A frame page is only a guide for the browser to get other pages and put them in the frames, so a page with three frames is actually four pages, the page showing the pages and the other three pages, and since the frames page contains no content, it is more likely that the other pages inside will be indexed and ranked for keywords, thus when a surfer looks for something on a search engine and eventually lands  on your website, he will be on one page of your 3 framed pages, For example if you had a framed page for navigation the visitor may be missing the navigation, and if you have another framed page for banners and ads, your visitor will not be seeing your ads