Frontline Plc — Earnings Release 2015

Feb 29, 2016

FRO - Fourth Quarter and Full Year 2015 Results

FRO - Fourth Quarter and Full Year 2015 Results

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

for the year ended December 31, 2015:

Highlights

* Frontline achieved net income attributable to the Company of $58.6 million

for the fourth quarter of 2015 and net income attributable to the Company of

$154.6 million for the year ended December 31, 2015.

* The Company announces a cash dividend of $0.35 per share for the fourth

quarter of 2015.

* On November 30, 2015, Frontline completed the previously announced merger

with Frontline 2012 Ltd. ("Frontline 2012").

* The Company paid a dividend of $0.25 per share in December 2015 (adjusted

for a 1-for-5 reverse stock split that was approved in January 2016).

* The Company signed a new $500 million term loan facility in December 2015,

reducing the average daily cash cost breakeven TCE rates per operating

vessel by approximately $1,400 per day for 2016.

Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS

commented:

"We are very pleased to report yet another strong quarter with net

income attributable to the Company of $58.6 million. In the fourth quarter, we

completed our merger with Frontline 2012.  This was a transformational event for

Frontline as we emerged as a much stronger company with a large, diversified

fleet of crude oil and refined product tankers.  We believe that due to

Frontline's brand, financial flexibility, and scale, it holds a unique position

among its peers.

The average daily time charter equivalents ("TCE") earned by both Frontline and

Frontline 2012 in the fourth quarter were strong across all segment classes, as

shown below:

Estimated

average

($ per Spot and time Spot daily BE

day) charter Spot guidance % covered rates

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

|Q4 2015 Q3 2015 |Q4 2015 Q3 2015| Q1 2016 | 2016

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

VLCC |57 700 44 300 |62 700 49 600 | 73 100 88 % | 22 500

| | | |

SMAX |38 400 28 400 |42 000 30 600 | 36 700 62 % | 17 600

| | | |

LR2 |25 500 27 000 |37 600 42 700 | 26 500 72 % | 15 000

| | | |

MR |19 300 25 700 |19 700 25 700 | 21 000 63 % | 13 900

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

These TCE rates are indicative since they do not conform with the figures in the

Company's US GAAP financial statements. The US GAAP figures are based on the

results of Frontline 2012 for October and November and those of the merged

company for the month of December.

We are off to a very good start thus far in 2016, buoyed by continued strength

in the tanker market, and we are pleased with the earnings we have secured thus

far in Q1. The market has corrected downwards over the recent weeks, but overall

demand for tankers remains high. Our highly competitive cash breakeven rates

enable us to achieve higher cash flow generation per day, and makes Frontline

robust during downturns in the market, thus enhancing returns to our

shareholders."

The full report can be found in the link below.

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.

[HUG#1990024]