Frontline Plc — Regulatory Filings 2021

Nov 22, 2021

FRO - Sale of four LR2 tankers

FRO - Sale of four LR2 tankers

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

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

four of its scrubber fitted LR2 tankers built in 2014 and 2015 for an aggregate

sale price of $160.0 million to SFL Tanker Holding Ltd., a related party. The

vessels are expected to be delivered to the new owners during the fourth quarter

of 2021 and the first quarter of 2022. After repayment of existing debt on the

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

approximately $67.0 million, and the Company expects to record a total gain

divided between the fourth quarter of 2021 and the first quarter of 2022 of

approximately $11.2 million.

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

"We are very pleased with this transaction. LR2 asset prices have appreciated

firmly this year, and although we believe the tanker market in general looks

promising going forward, we found it compelling to capture value at this point

in the curve. Frontline has increased its position significantly in the VLCC

segment during 2021 and this divestment from our LR2 fleet will in part finance

our growth ambitions for the larger crude carriers."

Following this transaction, Frontline's fleet, including newbuildings, consists

of 74 vessels with an aggregate capacity of approximately 14.3 million dwt.  The

Company's fleet is comprised of 25 VLCCs, 27 Suezmax tankers, 18 LR2 /

Aframax product tankers and four vessels that are under the Company's commercial

management (two Suezmax tankers and two Aframax tankers).

November 22, 2021

The Board of Directors

Frontline Ltd.

Hamilton, Bermuda

Questions should be directed to:

Lars H. Barstad: 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

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.