Frontline Plc — Earnings Release 2018

May 31, 2018

FRO - First Quarter 2018 Results

FRO - First Quarter 2018 Results

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

for the three months ended March 31, 2018:

Highlights

* Reports net loss attributable to the Company and net loss attributable to

the Company adjusted for certain non-cash items of $13.6 million, or $0.08

per share.

* Three newbuildings were delivered: the VLCC's Front Empire and Front

Princess and the LR2 Front Polaris.

* Achieved spot TCE of $18,000 per day for VLCCs less than 15 years of age,

excluding two newbuildings delivered during the quarter.

* Extended its loan facility of up to $275.0 million by 12 months to November

Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS

commented:

"The spot rate environment was weak in the first quarter as inventory draws

impacted a freight market that was already suffering from high fleet growth.

While there are encouraging signs that seaborne crude volumes may soon increase

as a result of changes by OPEC and a slowing trend of inventory draws, the

market is not yet factoring in upside potential."

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

quarter ended March 31, 2018, the prior quarter and in the year ended December

31, 2017 are shown below, along with spot estimates for the second quarter of

2018 and the estimated average daily cash break-even ("BE") rates for the

remainder of 2018:

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

Estimated

average daily BE

($ per day) Spot Spot estimates % covered rates

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

|  |Q1 2018 Q4 2017 YTD 2017|Q2 2018 |2018 |

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

|VLCC |14,900 19,400 22,400 |11,600 78% |22,700 |

| | | | |

|SMAX |15,400 19,500 17,300 |14,500 70% |18,500 |

| | | | |

|LR2 |14,800 14,400 14,400 |12,400 72% |16,300 |

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

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.