Frontline Plc — Earnings Release 2017

Nov 22, 2017

FRO - Third Quarter and Nine Months 2017 Results

FRO - Third Quarter and Nine Months 2017 Results

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

for the three and nine months ended September 30, 2017:

Highlights

* Reports a net loss attributable to the Company of $24.1 million, or $0.14

per share, for the third quarter of 2017, primarily due to weak average spot

daily time charter equivalent ("TCE") earnings achieved  by our fleet and a

$5.8 million loss on the termination of the charter of Front Ardenne.

* Reports a net loss attributable to the Company adjusted for certain non-cash

items of $23.1 million, or $0.14 per share, for the third quarter of 2017.

* Reports net loss attributable to the Company of $16.4 million, or $0.10 per

share, and a net loss attributable to the Company adjusted for certain non-

cash items of $9.4 million, or $0.06 per share, for the nine months ended

September 30, 2017.

* Terminated the long-term charter for the 1997-built Suezmax tanker Front

Ardenne in the third quarter of 2017.

* Took delivery of five newbuildings, including two VLCCs, one Suezmax and two

LR2/Aframax tankers in the third quarter of 2017.

Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS

commented:

"The impact of the significant fleet growth over the last two years was felt

across the industry and is reflected in our results for the third quarter.

Indeed, the rate environment presented in the quarter was the weakest we have

experienced since 2013. During this time, we showed commercial discipline by not

accepting unreasonably low offers from charterers. This resulted in extended

waiting time, particularly on our VLCC's, and impacted our average TCE earnings.

We continue to take proactive steps to increase the earnings potential of our

fleet as demonstrated by reducing the average age of our fleet from 8.1 to 5.4

years since 2016. We believe we are well positioned to continue to execute our

strategy over a long term horizon with the goal of returning value to

shareholders."

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

"Frontline is proactively focused on establishing and maintaining low cash

break-even rates as we grow our fleet and the financing of our current

newbuilding program has been completed on terms which support Frontline's low

cash break-even levels."

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

quarter ended September 30, 2017, the prior quarter and in the nine months

ended September 30, 2017 are shown below, along with estimates for the fourth

quarter in 2017 and the estimated average daily cash break-even ("BE") rates for

the fourth quarter of 2017:

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

($ Estimated

per   Spot and time charter   Spot   Spot   % average

day) estimates covered cash BE

rates

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

|  |Q3 2017 Q2 2017 YTD | Q3 Q2 YTD | Q4 2017   | Q4 2017

| | 2017 | 2017 2017 2017 | |

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

|VLCC  |13 200 23 800 24 000 |13 200 23 600 23 500| 19 200 76 % | 21 600

| | | | |

|SMAX  |15 300 16 400 18 100 |14 100 14 300 16 500| 18 200 67 % | 17 700

| | | | |

|LR2 |17 200 18 100 19 000 |12 300 13 200 14 400| 17 000 60 % | 15 700

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

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.