Frontline 2012 Ltd. Sale of eight VLGC newbuildings

Hamilton, Bermuda, November 19, 2013

Frontline 2012 Ltd. (the "Company" or "Frontline 2012") is pleased to announce that it has entered into an agreement with Avance Gas Holding Ltd. ("AGHL") whereby AGHL shall acquire eight, fuel efficient 83,000 cbm VLGC newbuildings from Frontline 2012 immediately following their delivery to Frontline 2012 from the yard. These newbuildings have been ordered by Frontline 2012 from the Jiangnan Changxing Shipyard in China and have expected deliveries between August 2014 and September 2015. AGHL will pay $75.0 million for each newbuilding, of which $17.4 million will be paid upfront and $57.6 million will be paid upon delivery from the yard.

In October 2013, Frontline 2012 entered into an agreement with Stolt-Nielsen Limited ("Stolt-Nielsen") and Sungas Holdings Ltd. ("Sungas") whereby Frontline 2012 became a shareholder in AGHL along with Stolt-Nielsen and Sungas. The sale of the newbuildings to AGHL is in line with the previously announced intention to enter into discussions with AGHL regarding these newbuildings.

The Board is very pleased with the sale, which is the first step in streamlining the activities of the Company by breaking the company up in several new companies and creating pure plays in different shipping segments through consolidation, divestment and spin offs.

Following the acquisition, AGHL becomes the third largest, pure play VLGC owner and operator with six vessels on the water and eight newbuildings with attractive delivery dates.

Frontline 2012 Ltd. press release