Frontline Ltd. (the "Company" or "Frontline") (NYSE:FRO) today announced that its ownership interest in Feen Marine Scrubbers Inc. ("FMSI") has increased to 28.9% following the purchase by FMSI of a 30.8% stake in FMSI from Bjørnar Feen.
Robert Hvide Macleod, CEO of Frontline Management said: "FMSI has gained market share since our initial investment, and we are pleased to see our ownership stake in the company increase. Setting aside potential financial benefits, our ownership in FMSI has allowed Frontline to source high specification scrubbers on short notice, which we believe will present a challenge to many owners as the deadline for sulphur emissions compliance approaches."
January 15, 2019,
The Board of Directors
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
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 of the Norwegian Securities Trading Act.