Frontline plc (the "Company" or "Frontline") (NYSE: FRO - OSE: FRO) today announced that it has entered into an agreement whereby the Company will sell two VLCCs built in 2017 for an aggregate sale price of $270 million. The vessels are expected to be delivered to the new owner during the third quarter of 2026.
The sale is subject to certain closing conditions, in line with industry standards.
After repayment of existing debt on the vessels, the transaction is expected to generate net cash proceeds of approximately $179 million, and the Company expects to record a gain in the third quarter of 2026 of approximately $110 million, depending on the date of delivery of each vessel to the new owner.
Lars H. Barstad, Chief Executive Officer of Frontline Management AS, commented:
"In these extraordinary markets, and in line with Frontline's core strategy of returning cash to our shareholders, the Board of Directors of the Company has, subject to completion of the sale, determined to return the cash proceeds, a total of approximately $179 million, to its shareholders through a payment of a one-time special dividend of $0.80 per share"
August 4, 2026
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.