Frontline Plc — M&A Activity 2024

Jan 12, 2024

FRO - Sale of its five oldest VLCCs

FRO - Sale of its five oldest VLCCs

Frontline plc (the "Company" or "Frontline") (NYSE: FRO - OSE: FRO) today

announced that it has entered into an agreement whereby the Company will sell

its five oldest VLCCs, built in 2009 and 2010, for an aggregate net sale price

of $290 million. The vessels are expected to be delivered to the new owner

during the first quarter of 2024. After repayment of existing debt on the

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

approximately $207 million, and the Company expects to record a gain in the

first quarter of 2024 in the range of approximately $68 million to $76 million,

depending on the date of delivery of each vessel to the new owner. The sale is

subject to certain closing conditions, in line with industry standards.

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

"We are very pleased with this transaction, capturing firm pricing for 14-15

year old vessels. Frontline has increased its position significantly in the VLCC

segment during 2023 and this divestment of our remaining non-eco VLCCs is in

line with our strategy of running the most modern, fuel-efficient fleet in the

market."

Following this transaction and the completion of the delivery of all 24 VLCCs

acquired from Euronav NV, Frontline's fleet will consist of 84 vessels comprised

of 41 VLCCs, 25 Suezmax tankers and 18 LR2/Aframax tankers with an aggregate

capacity of approximately 18.2 million dwt and average age of only 5.9 years.

January 12, 2024

The Board of Directors

Frontline plc.

Limassol, Cyprus

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 announcement 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 and its subsidiaries, desire to take advantage of the safe harbour

provisions of the Private Securities Litigation Reform Act of 1995 and is

including this cautionary statement in connection with this safe harbour

legislation. This announcement and any other written or oral statements made by

Frontline or its behalf may include forward-looking statements, which reflect

its 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 announcement 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 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 Frontline's control, it cannot assure you that Frontline

will achieve or accomplish these expectations, beliefs or projections. Frontline

undertakes 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 Frontline's view, could cause actual results to differ materially from

those discussed in the forward-looking statements include the parties' ability

to obtain the necessary regulatory approvals and to meet other closing

conditions to complete the transactions referenced herein, as well as important

factors described from time to time in the reports and other documents,

including filings with the U.S. Securities and Exchange Commission.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act.