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
Frontline 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
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.