FRO - Increase in Ownership Interest in Feen Marine Scrubbers
January 15 2019 - 4:06PM
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 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
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.
Frontline (NYSE:FRO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Frontline (NYSE:FRO)
Historical Stock Chart
From Sep 2023 to Sep 2024