Frontline Plc — M&A Activity 2019

Sep 18, 2019

FRO - Expiration of options to purchase additional Suezmax tankers

FRO - Expiration of options to purchase additional Suezmax tankers

Reference is made to the notice of 23 August 2019, whereby Frontline Ltd.

("Frontline") (NYSE and OSE: FRO) announced an agreement with Trafigura Maritime

Logistics ("TML"), a wholly-owned  subsidiary  of  Trafigura  Pte  Ltd

("Trafigura") and certain related entities, to acquire ten Suezmax tankers, with

two separate options to acquire two plus two additional Suezmax tankers and to

the notice of September 12 2019, whereby Frontline and TML agreed to extend the

expiry date for the first option to 18 September 2019.

Frontline has elected not to exercise the first option to acquire two additional

Suezmax tankers. The second option to acquire two Suezmax tankers has as a

result terminated.

Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS

commented:

"We added significant scale through our acquisition of 10 Suezmax tankers from

Trafigura, and we are satisfied with our exposure to this asset class. We are

pleased to see that the tanker market is tightening and earnings increasing in

all our segments. Our market view remains positive and supports further fleet

growth, but our main focus will be on VLCCs, where we will seek to add

exposure."

This press release does not constitute an offer to sell or the solicitation of

an offer to buy securities and shall not constitute an offer, solicitation or

sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

September 18, 2019

The Board of Directors

Frontline Ltd.

Hamilton, Bermuda

Frontline Contact:

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

Trafigura Contact:

Trafigura's Global Press Office: +41 22 592 45 28 or media@trafigura.com

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.