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 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.
