FRO – Private acquisitions of Euronav shares in exchange for Frontline shares completed


Frontline Ltd. (“Frontline” or the “Company”) (NYSE: FRO – OSE: FRO) announces that it has agreed to acquire in privately negotiated transactions with certain shareholders of Euronav N.V. (NYSE: EURN & Euronext: EURN) (“Euronav”) a total of 7,708,908 shares in Euronav, representing 3.82% of the outstanding shares in Euronav, in exchange for a total of 10,753,924 shares in Frontline, which is equivalent to 1.395 Frontline shares for every one share of Euronav.

Settlement is expected to take place on or about 14 June 2022 by delivery of existing Frontline shares through a share lending arrangement with Frontline’s main shareholder Hemen Holding Ltd. (“Hemen”). Under the share lending agreement, Frontline will issue a total of 10,753,924 new shares to Hemen as a result of these transactions.

Following completion of the issue of the new Frontline shares, Frontline will have a total of 222,622,889 shares issued and outstanding.

For further information, please contact:

Lars H. Barstad: 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

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This announcement contains information which is considered by the Company to constitute inside information pursuant to EU Market Abuse Regulation. This announcement was published by Frontline Ltd. on 10 June 2022 at 07:45 CEST.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 (the “Reform Act”) provides safe harbor protections for forward- looking statements within the meaning of the Reform Act. 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 Reform Act and is including this cautionary statement in connection with this safe harbor legislation. The words “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, including without limitation, Frontline’s management’s examination of historical operating trends, data contained in company records and other data available from third parties. Although Frontline’s management believe 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 companies’ control, there can be no assurance that Frontline will accomplish these expectations, beliefs or projections.

You are cautioned not to place undue reliance on Frontline’s forward-looking statements. These forward-looking statements are and will be based upon Frontline management’s then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. Frontline assumes no duty to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, as of any future date.