Frontline Plc — Earnings Release 2023

May 31, 2023

FRO - First Quarter 2023 Results

FRO - First Quarter 2023 Results

FRONTLINE PLC REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2023

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

for the three months ended March 31, 2023:

Highlights

* Highest first quarter profit since 2008 of $199.6 million, or $0.90 per

basic and diluted share for the first quarter of 2023.

* Adjusted profit of $193.3 million, or $0.87 per basic and diluted share for

the first quarter of 2023.

* Declared a cash dividend of $0.70 per share for the first quarter of 2023.

* Reported revenues of $497.3 million for the first quarter of 2023.

* Reported spot TCEs for VLCCs, Suezmax tankers and LR2/Aframax tankers in the

first quarter of 2023 were $52,500, $64,000 and $56,300 per day,

respectively.

* For the second quarter of 2023, we estimate spot TCE on a load-to-discharge

basis of $75,000 contracted for 78% of vessel days for VLCCs, $65,000

contracted for 71% of vessel days for Suezmax tankers and $65,700 contracted

for 63% of vessel days for LR2/Aframax tankers.

* Sold the 2010-built Suezmax tanker, Front Njord in May 2023, for aggregate

gross proceeds of $44.5 million. After repayment of existing debt on the

vessel, the transaction is expected to generate net cash proceeds of

approximately $28.2 million.

* Entered into two fixed rate time charter-out contracts in April 2023 and May

2023 for two LR2/Aframax tankers to third parties on two-year time charters,

both at a daily base rate of $46,500.

* Entered into a senior secured term loan facility in May 2023 for a total

amount of up to $129.4 million at attractive terms to refinance an existing

term loan facility maturing in August 2023.

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

"Frontline continued to generate elevated cash returns for its shareholders in

the first quarter of 2023. The most prominent market development during the

quarter was that China abandoned its zero-tolerance policy in respect of Covid-

19 and started reopening. Freight demand and rates remained firm throughout the

quarter, defying historical seasonal patterns. Our constructive long-term

outlook is not affected by short-term volatility, as oil demand is expected to

rise significantly in the second half of the year. We will continue to position

Frontline towards capturing value, both on assets and period business as we

proceed into what we believe may be a very exciting cycle."

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

"In May 2023, we entered into a senior secured term loan facility for a total

amount of up to $129.4 million to refinance an existing term loan facility with

total balloon payment of $80.1 million maturing in August 2023. We intend to use

the expected net cash proceeds from the refinancing and from the sale of Front

Njord to partially repay our $275.0 million senior unsecured revolving credit

facility."

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

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

| | | | Estimated |

| | | | average daily |

| | Spot TCE | |cash breakeven |

| ($ per day) Spot TCE | estimates |% Covered| rates |

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

|  Q1 2023 Q4 2022 2022 | Q2 2023 | 2023 |

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

|VLCC 52,500 63,200 31,300| 75,000 78% | 26,500 |

| | | |

|Suezmax 64,000 57,900 37,100| 65,000 71% | 22,700 |

| | | |

|LR2 / Aframax 56,300 58,800 38,500| 65,700 63% | 16,800 |

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

We expect the spot TCEs for the full second quarter of 2023 to be lower than the

TCEs currently contracted, due to the impact of ballast days at the end of the

first quarter. The number of ballast days at the end of the first quarter was

359 for VLCCs, 429 for Suezmax tankers and 216 for LR2/Aframax tankers.

The Board of Directors

Frontline plc

Limassol, Cyprus

May 30, 2023

Ola Lorentzon - Chairman and Director

John Fredriksen - Director

Ole B. Hjertaker - Director

James O'Shaughnessy - Director

Steen Jakobsen - Director

Marios Demetriades - Director

Questions should be directed to:

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

+47 23 11 40 00

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

+47 23 11 40 00

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 plc 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 worldwide 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, the impact of increasing scrutiny and changing expectations from

investors, lenders and other market participants with respect to our ESG

policies, 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 Cyprus 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, environmental factors,

political events, public health threats, international hostilities including the

ongoing developments in the Ukraine region, acts by terrorists or acts of piracy

on ocean-going vessels, the length and severity of epidemics and pandemics,

including the ongoing global outbreak of the novel coronavirus ("COVID-19"), and

their impacts on the demand for seaborne transportation of petroleum products,

the impact of increasing scrutiny and changing expectations from investors,

lenders and other market participants with respect to our Environmental, Social

and Governance policies, the impact of port or canal congestion 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 IFRS ("non-

GAAP"). See Appendix 1 for a full description of the measures and reconciliation

to the nearest IFRS measure.