Frontline Plc — Earnings Release 2021

May 27, 2021

FRO - First Quarter 2021 Results

FRO - First Quarter 2021 Results

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

for the three months ended March 31, 2021:

Highlights

* Net income of $28.9 million, or $0.15 per diluted share for the first

quarter of 2021.

* Adjusted net income of $8.8 million, or $0.04 per diluted share for the

first quarter of 2021.

* Reported total operating revenues of $194.0 million for the first quarter of

* Reported spot TCEs for VLCCs, Suezmax and LR2 tankers in the first quarter

of 2021 were $19,000, $15,200 and $12,000 per day, respectively.

* For the second quarter of 2021, we estimate spot TCE on a load-to-discharge

basis of $18,100 contracted for 70% of vessel days for VLCCs, $13,600

contracted for 63% of vessel days for Suezmax tankers and $14,200 contracted

for 59% of vessel days for LR2 tankers. We expect the spot TCEs for the full

second quarter of 2021 to be lower than the TCEs currently contracted, due

to the impact of ballast days at the end of the second quarter as well as

current freight rates.

* In March and April 2021, respectively, the Company took delivery of the LR2

newbuildings Front Fusion and Front Future.

* In May 2021, the Company entered into an agreement for the acquisition

through resale of six latest generation ECO-type VLCC newbuilding contracts

currently under construction at the HHI shipyard in South Korea. Five

vessels will be delivered during 2022 starting in Q1 and the last vessel in

Q1 2023.

Lars H. Barstad, Interim Chief Executive Officer of Frontline Management AS

commented:

"Despite challenging market conditions during the first quarter of 2021,

Frontline manages to deliver a solid result. This reflects our business model,

with high focus on efficiency, quality, and cost throughout the organization.

Frontline's modern fleet allows for an agile approach to how we trade our ships,

yielding returns above the key benchmarks. We are not out of the woods yet with

regards to freight demand, and the recent Covid-19 situation in Asia is a

concern. We are seeing promising oil demand figures from Europe, US, and China

and OPEC, EIA, and IEA maintain their very firm demand growth expectations for

the second half of 2021, but short-term the freight market continues to be

challenged. We are very excited about our acquisition of six VLCCs being built

at Hyundai Heavy Industries in Korea. These high-quality vessels will be

delivered at a time when oil demand is expected to have normalized and the

Global economy is running on full steam. The fundamentals of the tanker market

remain firm, with an historic low order book and a significant part of the fleet

challenged by tightening environmental regulations."

Average daily time charter equivalents ("TCEs")(1)

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

| Estimated |

| average daily |

| cash BE rates |

| for the |

| Spot TCE remainder of the|

|($ per day) Spot TCE estimates % covered year |

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

|  Q1 2021 Q4 2020 2020 Q2 2021 | 2021 |

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

|VLCC 19,000 17,200 54,500 18,100 70% | 21,500 |

| | |

|SMAX 15,200 9,800 35,600 13,600 63% | 17,700 |

| | |

|LR2 12,000 12,500 23,400 14,200 59% | 15,900 |

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

The estimated average daily cash breakeven rates are the daily TCE rates the

vessels must earn in order to cover operating expenses including dry docks,

repayments of loans, interest on loans, bareboat hire, time charter hire and net

general and administrative expenses for the remainder of the year.

Spot estimates are provided on a load-to-discharge basis, whereby the Company

recognizes revenues over time ratably from commencement of cargo loading until

completion of discharge of cargo. The rates reported are for all days up until

the last contracted discharge of cargo for each vessel in the quarter. The

actual rates to be earned in the second quarter of 2021 will depend on the

number of additional days that we can contract, and more importantly the number

of additional days that each vessel is laden. Therefore, a high number of

ballast days at the end of the quarter will limit the amount of additional

revenues to be booked on a load-to-discharge basis. Ballast days are days when a

vessel is sailing without cargo and therefore, we are unable to recognize

revenues. Furthermore, when a vessel remains uncontracted at the end of the

quarter, the Company will recognize certain costs during the uncontracted days

up until the end of the period, whereas if a vessel is contracted, then certain

costs can be deferred and recognized over the load-to-discharge period.

The recognition of revenues on a load-to-discharge basis results in revenues

being recognized over fewer days, but at a higher rate for those days. Over the

life of a voyage there is no difference in the total revenues and costs to be

recognized as compared to a discharge-to-discharge basis.

When expressing TCE per day the Company uses the total available days, net of

off hire and not just the number of days the vessel is laden.

The Board of Directors

Frontline Ltd.

Hamilton, Bermuda

May 26, 2021

Ola Lorentzon - Chairman and Director

John Fredriksen - Director

Tor Svelland - Director

James O'Shaughnessy - Director

Questions should be directed to:

Lars H. Barstad: Interim Chief Executive Officer, Frontline Management AS

+47 23 11 40 37

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

+47 23 11 40 76

Forward-Looking Statements

Matters discussed in this report may constitute forward-looking statements. The

Private Securities Litigation Reform Act of 1995 provides safe harbor

protections for forward-looking statements, which 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.

Frontline Ltd. and its subsidiaries, or the Company, desires to take advantage

of the safe harbor provisions of the Private Securities Litigation Reform Act of

1995 and is including this cautionary statement in connection with this safe

harbor legislation. This report and any other written or oral statements made by

us or on our behalf may include forward-looking statements, which reflect our

current views with respect to future events and financial performance and are

not intended to give any assurance as to future results. When used in this

document, the words "believe," "anticipate," "intend," "estimate," "forecast,"

"project," "plan," "potential," "will," "may," "should," "expect" and similar

expressions, terms or phrases may identify forward-looking statements.

The forward-looking statements in this report are based upon various

assumptions, including without limitation, management's examination of

historical operating trends, data contained in our records and data available

from third parties. Although we believe 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 our control, we cannot assure you that we will achieve or accomplish

these expectations, beliefs or projections. We undertake no obligation to update

any forward-looking statements, whether as a result of new information, future

events or otherwise.

In addition to these important factors and matters discussed elsewhere herein,

important factors that, in our view, could cause actual results to differ

materially from those discussed in the forward-looking statements include the

strength of world economies, fluctuations in currencies and interest rates,

general market conditions, including fluctuations in charter hire rates and

vessel values, changes in the supply and demand for vessels comparable to ours,

changes in world wide oil production and consumption and storage, changes in the

Company's operating expenses, including bunker prices, dry docking and insurance

costs, the market for the Company's vessels, availability of financing and

refinancing, our ability to obtain financing and comply with the restrictions

and other covenants in our financing arrangements, availability of skilled

workers and the related labor costs, compliance with governmental, tax,

environmental and safety regulation, any non-compliance with the U.S. Foreign

Corrupt Practices Act of 1977 (FCPA) or other applicable regulations relating to

bribery, general economic conditions and conditions in the oil industry, effects

of new products and new technology in our industry, the failure of counter

parties to fully perform their contracts with us, our dependence on key

personnel, adequacy of insurance coverage, our ability to obtain indemnities

from customers, changes in laws, treaties or regulations, the volatility of the

price of our ordinary shares; our incorporation under the laws of Bermuda and

the different rights to relief that may be available compared to other

countries, including the United States, changes in governmental rules and

regulations or actions taken by regulatory authorities, potential liability from

pending or future litigation, general domestic and international political

conditions, potential disruption of shipping routes due to accidents, political

events or acts by terrorists, and other important factors described from time to

time in the reports filed by the Company with the Securities and Exchange

Commission or Commission.

We caution readers of this report not to place undue reliance on these forward-

looking statements, which speak only as of their dates. These forward-looking

statements are no guarantee of our future performance, and actual results and

future developments may vary materially from those projected in the forward-

looking statements.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

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(1) This press release describes Time Charter Equivalent earnings and related

per day amounts, which are not measures prepared in accordance with US GAAP

("non-GAAP"). See Appendix 1 for a full description of the measures and

reconciliation to the nearest GAAP measure.