Frontline Plc — Share Issue/Capital Change 2018

Jul 24, 2018

FRO - Announces Launching of ATM Equity Offering

FRO - Announces Launching of ATM Equity Offering

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

Company entered into an Equity Distribution Agreement dated July 24, 2018, with

Morgan Stanley & Co. LLC ("Morgan Stanley") for the offer and sale of up to

$100.0 million of common shares of Frontline.

In accordance with the terms of the Equity Distribution Agreement, the Company

may offer and sell its common shares at any time and from time to time through

Morgan Stanley as its sales agent. Sales of the common shares, if any, will be

made by means of ordinary brokers' transactions on NYSE or otherwise at market

prices prevailing at the time of sale, at prices related to the prevailing

market prices, or at negotiated prices.

The net proceeds of this offering will be used to opportunistically fund growth

opportunities, for certain capital expenditures, including to purchase exhaust

gas cleaning systems that reduce sulfur emissions to comply with upcoming

implementation of new IMO standards, and for general corporate purposes.

This press release does not constitute an offer to sell or the solicitation of

an offer to buy securities and shall not constitute an offer, solicitation or

sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

The offering is being made by means of a prospectus and related prospectus

supplement. A prospectus supplement related to the offering has been filed with

the Securities and Exchange Commission. Copies of the prospectus and prospectus

supplement relating to the offering may be obtained from the offices of Morgan

Stanley at 180 Varick Street, Second Floor, New York, New York 10014, Attention:

Prospectus Department.

July 24, 2018

The Board of Directors

Frontline Ltd.

Hamilton, Bermuda

Questions should be directed to:

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

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Matters discussed in this document may constitute forward-looking statements.

The Private Securities Litigation Reform Act of 1995 provides safe harbor

protections for forward-looking statements in order to encourage companies to

provide prospective information about their business.  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.

Frontline desires to take advantage of the safe harbor provisions of the Private

Securities Litigation Reform Act of 1995 and is including this cautionary

statement in connection with this safe harbor legislation. The words "believe,"

"anticipate," "intends," "estimate," "forecast," "project," "plan," "potential,"

"will," "may," "should," "expect" "pending" and similar expressions identify

forward-looking statements.

The forward-looking statements in this document are based upon various

assumptions, many of which are based, in turn, upon further assumptions,

including without limitation, management's examination of historical operating

trends, data contained in Frontline's records and other 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, you cannot be assured that Frontline

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

undertakes no duty to update any forward-looking statement to conform the

statement to actual results or changes in expectations.

Important factors that, in Frontline's view, could cause actual results to

differ materially from those discussed in the forward-looking statements

include, without limitation: the strength of world economies and currencies,

general market conditions, including fluctuations in charterhire rates and

vessel values, changes in demand in the tanker market, including but not limited

to changes in OPEC's petroleum production levels and worldwide oil consumption

and storage, changes in Frontline's operating expenses, including bunker prices,

drydocking and insurance costs, the market for Frontline's vessels, availability

of financing and refinancing, ability to comply with covenants in such financing

arrangements, failure of counterparties to fully perform their contracts with

us, changes in governmental rules and regulations or actions taken by regulatory

authorities, potential liability from pending or future litigation, general

domestic and international political conditions, potential disruption of

shipping routes due to accidents or political events, vessel breakdowns,

instances of off-hire and other important factors.  For a more complete

discussion of these and other risks and uncertainties associated with

Frontline's business, please refer to Frontline's filings with the Securities

and Exchange Commission, including, but not limited to, its annual report on

Form 20-F.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.