Frontline Plc — M&A Activity 2021

May 18, 2021

FRO - Acquisition of Six VLCCs Under Construction

FRO - Acquisition of Six VLCCs Under Construction

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

announces that it has entered into an agreement for the acquisition through

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

The six VLCCs are currently under construction at the Hyundai Heavy Industries

("HHI") shipyard in South Korea and are being acquired for an aggregate purchase

price of $565.8 million, including an estimated $25.7 million in additions and

upgrades to the standard specifications. The vessels are designed to operate on

different fuels, including Biofuel, have the potential to be converted or

retrofitted to consume fuel like LNG or Ammonia and consequently there is an

ability to cut CO2 emissions to zero when technology, logistics and the

regulatory framework allows for it. The newbuildings will also be fitted with

Exhaust Gas Scrubber technology, high-end Anti Fouling systems, equipped with

Digital Energy Performance solutions as well as compliant with specific Exxon

Mobile lightering requirements to allow for maximum trading flexibility.

The delivery schedule is very attractive with five vessels delivering during

2022 starting in Q1 and the last vessel in Q1 2023.

The payment profile for this transaction means that the largest portion of the

instalments on each vessel will be made on delivery of each vessel. Frontline

will meet the financing of this acquisition with existing borrowing facilities

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

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

"This transaction is consistent with our core company goals to increase exposure

to the VLCC market without adding to existing vessel supply. It further cements

Frontline's position in respect of owning a modern, high quality, fuel efficient

fleet. The delivery schedule for these vessels is particularly attractive, in a

timing window regarded closed for new orders. With this acquisition Frontline is

tangibly moving on our journey towards lower carbon emissions."

May 18, 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.

The information included in this announcement is defined as inside information

pursuant to article 7 of the Market Abuse Regulation and is publicly disclosed

in accordance with article 17 of the Market Abuse Regulation and section 5-12 of

the Norwegian Securities Trading Act. The announcement is made by the contact

person.