Frontline Plc — M&A Activity 2021

Jun 28, 2021

FRO - Acquisition of Two VLCCs

FRO - Acquisition of Two VLCCs

Frontline Ltd. (NYSE and OSE: FRO) ("Frontline" or the "Company") today

announces that it has entered into an agreement to acquire two scrubber fitted,

latest generation ECO-type VLCCs built in 2019 at Hyundai Heavy Industries

("HHI") shipyard in South Korea for a total of $180.0 million.

The vessels are scheduled to deliver during fourth quarter of 2021. Frontline

intends to meet the financing of this acquisition with existing borrowing

facilities and establish long term financing closer to delivery of the vessels.

Lars H. Barstad, Interim CEO of Frontline Management AS said:

"Frontline continues to execute on our strategy to position the Company towards

what we believe will be a firm recovery as oil demand, and subsequently oil

supply returns to pre pandemic levels. We have over the last periods seen the

benefits of running a modern fuel-efficient fleet. These VLCCs are well-

maintained high-quality additions, delivered at what we believe is a favorable

timing."

June 28, 2021

The Board of Directors

Frontline Ltd.

Hamilton, Bermuda

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 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 the Norwegian Securities Trading Act.