Frontline Plc — Earnings Release 2016

Nov 29, 2016

FRO - Third Quarter and Nine Months 2016 Results

FRO - Third Quarter and Nine Months 2016 Results

Frontline Ltd. (the "Company" or "Frontline"), today reported unaudited results

for the three and nine months ended September 30, 2016:

Highlights

* Achieved net income attributable to the Company of $5.5 million, or $0.03

per share, for the third quarter of 2016 and $98.7 million, or $0.63 per

share, for the nine months ended September 30, 2016.

* Achieved net income attributable to the Company adjusted for certain non-

cash charges of $16.6 million, or $0.11 per share, for the third quarter of

2016 and $154.7 million, or $0.99 per share, for the nine months ended

September 30, 2016.

* Announces a cash dividend of $0.10 per share for the third quarter of 2016.

* Secured bank financing in a total amount of up to $870 million to partially

finance all of the Company's newbuilding contracts.

* Five of the six medium range tankers, which the Company agreed to sell in

June 2016, were delivered to the buyer in the third quarter. The final

vessel was delivered in November.

Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS

commented:

"While the summer is typically a slower period in the tanker markets, seasonal

weakness was more pronounced this year as supply disruptions, easing refinery

margins and inventory drawdowns led to  reduced oil flows and a slowdown in

tanker demand. In addition, the global fleet expanded as newbuilding vessels

were delivered from shipyards. We believe that our performance in the third

quarter against this market backdrop, further highlights Frontline's competitive

position in the market and efficient operations. Frontline's low cash breakeven

rates, large commercial scale, and historically successful access to capital are

significant differentiators that support our leading position in the tanker

market."

The average daily time charter equivalents ("TCE") earned by Frontline in the

third quarter are shown below:

--------------------------------------------------------------------------------

Estimated

($ per Spot and time Spot Spot % covered   average

day) charter Guidance daily BE

rates

+--------+-----------------+---------------+---------------------+--------------

|  |Q3 2016 Q2 2016 |Q3 2016 Q2 2016|Q4 2016 |  2016

+--------+-----------------+---------------+---------------------+--------------

VLCC  |27 900 45 200 |26 900 48 100 |28 000 75 % |  21 200

| | | |

SMAX |21 200 30 300 |19 200 28 600 |19 000 55 % |  17 300

| | | |

LR2 |23 800 24 300 |20 600 22 300 |16 000 60 % |  15 300

---------+-----------------+---------------+---------------------+--------------

Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added:

"We are pleased to have secured bank financing of up to $870 million to

partially finance all of the Company's 16 newbuilding contracts and the four

vessels which were delivered during the third quarter.  We consider the terms

achieved highly attractive, enabling us to maintain our low cash breakeven

levels."

Questions should be directed to:

Robert Hvide Macleod: Chief Executive Officer, Frontline Management AS

+47 23 11 40 84

Inger M. Klemp: Chief Financial Officer, Frontline Management AS

+47 23 11 40 76

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking

statements. Forward-looking statements include statements concerning plans,

objectives, goals, strategies, future events or performance, and underlying

assumptions and other statements, which are other than statements of historical

facts. Words, such as, but not limited to "believe," "anticipate," "intends,"

"estimate," "forecast," "project," "plan," "potential," "may," "should,"

"expect," "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various

assumptions, many of which are based, in turn, upon further assumptions.

Although Frontline believes that these assumptions were reasonable when made,

because these assumptions are inherently subject to significant uncertainties

and contingencies which are difficult or impossible to predict and are beyond

the control of Frontline, Frontline cannot assure you that they will achieve or

accomplish these expectations, beliefs or projections. The information set forth

herein speaks only as of the date hereof, and Frontline disclaims any intention

or obligation to update any forward-looking statements as a result of

developments occurring after the date of this communication.

This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.