FRO - Correction - Increase in Ownership Interest in Feen Marine Scrubbers
January 15 2019 - 4:30PM
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."
FMSI was formed in 2017 and has rapidly become a leading
manufacturer of exhaust gas cleaning systems ("EGCs"). The company
has a presence in Batam, Oslo, Singapore, Athens, Mumbai, Shanghai
and Seoul and has received orders for more than 150 EGCs systems
since its sales efforts were initiated. As of 3 January 2019,
FMSI had delivered 45 EGCs, and fully commissioned 18
systems. In response to market demand, FMSI is increasing its
production capacity through constructing a 40,000 square meter
facility in Batam, Indonesia. The new facility, which will
commence operations in February 2019, will see
production capacity increase five-fold at a time when some
manufacturers are unable to accept scrubber orders due to capacity
restraints.
January 15, 2019,The Board of DirectorsFrontline Ltd.Hamilton,
Bermuda
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
Forward-Looking Statements
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forward-looking statements. Forward-looking statements include
statements concerning plans, objectives, goals, strategies, future
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Words, such as, but not limited to "believe," "anticipate,"
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"may," "should," "expect," "pending" and similar expressions
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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.
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