Frontline Plc — M&A Activity 2019

Aug 13, 2019

FRO - Frontline Ltd and Golden Ocean Group Ltd invest in Bunkering Joint Venture with Trafigura

FRO - Frontline Ltd and Golden Ocean Group Ltd invest in Bunkering Joint Venture with Trafigura

Frontline Ltd. ("Frontline") (NYSE and OSE: FRO) and Golden Ocean Group Limited

("Golden Ocean") (NASDAQ and OSE: GOGL) (together, the "Companies") today

announced that they have entered into a non-binding term sheet agreement with

Trafigura Group ("Trafigura") to establish a leading global supplier of marine

fuels (the "JV"). Frontline and Golden Ocean will acquire 15 percent and 10

percent interests in the JV, respectively and Trafigura will contribute its

existing physical bunkering activities to the JV. Subject to agreement on final

terms, the JV is expected to commence operations in the third quarter of 2019,

and will act as the exclusive purchaser of marine fuels for Trafigura, Frontline

and Golden Ocean, as well as certain entities affiliated with Hemen Holding Ltd,

Frontline and Golden Ocean's largest shareholder.

Robert Hvide Macleod, CEO of Frontline Management AS and Birgitte Ringstad

Vartdal, CEO of Golden Ocean Management AS jointly commented: "It is anticipated

that IMO 2020 will create logistical marine fuel supply issues for shipowners

globally. In addition to presenting a compelling economic opportunity, our

participation in the JV will ensure our ability to source and acquire marine

fuels at competitive prices on a continuous basis. This transaction represents

yet another instance where we have been able to leverage our relationship with

other entities of Hemen Holding Ltd to create significant economies of scale and

a real competitive advantage. We look forward to working with Trafigura, our JV

partner, to create one of the world's leading suppliers of marine fuels."

Jeremy Weir, Trafigura's Executive Chairman and CEO, commented: "Today's

announcement represents a further progression in the development of Trafigura's

response to the challenges and opportunities the impending IMO 2020 regulation

will present. We look forward to providing an essential service to our clients

and working closely with Frontline and Golden Ocean to grow this venture into

one of the world's leading suppliers of marine fuels in the coming years."

Kenneth Dam, Trafigura's Co-Head of Bunkering added: "Over the past 24 months,

Trafigura has been growing its physical bunkering business worldwide. We believe

that marine fuel market disruptions will be brought on by the implementation of

IMO 2020 regulations and that the JV's increased base volumes and greater access

to both infrastructure and credit will provide increasingly competitive

bunkering supply services to our customers. We are confident in our ability to

supply quality products at competitive prices to the fleets controlled by the JV

partners as well as to third party shipowners and operators."

August 12, 2019

The Board of Directors

Frontline Ltd.

Hamilton, Bermuda

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

(mailto:media@trafigura.com)

Notes to Editors

About Frontline Ltd.

Frontline Ltd. is a world leader in the seaborne transportation of crude oil and

refined products. The Company owns and operates a large, modern fleet of 63

vessels with an aggregate carrying capacity of approximately 12.2 million

deadweight tons and an average age of 4.3 years. Due to Frontline's brand,

financial flexibility, and significant scale, it holds a unique position among

its peers. Frontline is listed on both the New York and Oslo Stock Exchanges

under the symbol "FRO". Visit:  www.frontline.bm

About Golden Ocean Group Limited

Golden Ocean is one of the world's largest listed dry bulk shipping companies,

based on market capitalization and trading liquidity. The company owns or

controls a modern fleet of 77 vessels with an aggregate carrying capacity of

approximately 10.7 million deadweight tons and an average age of less than 6

years. Golden Ocean's significant scale is further enhanced by its commercial

platform, which manages 44 additional vessels on behalf of third parties. Golden

Ocean is listed on both the NASDAQ and Oslo Stock Exchanges under the symbol

"GOGL". Visit:  www.goldenocean.bm

About Trafigura

Founded in 1993, Trafigura is one of the largest physical commodities trading

groups in the world. Trafigura sources, stores, transports and delivers a range

of raw materials (including oil and refined products and metals and minerals) to

clients around the world. The trading business is supported by industrial and

financial assets, including 49.3 percent owned global oil products storage and

distribution company Puma Energy; global terminals, warehousing and logistics

operator Impala Terminals; Trafigura's Mining Group; and Galena Asset

Management. The Company is owned by around 700 of its 4,300 employees who work

in 66 offices in 38 countries around the world. Trafigura has achieved

substantial growth over recent years, growing revenue from USD12 billion in

2003 to USD180.7 billion in 2018. The Group has been connecting its customers to

the global economy for more than two decades, growing prosperity by advancing

trade. Visit: www.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.