Frontline Ltd. (the "Company" or "Frontline") (NYSE:FRO) refers to the announcement made by Clean Marine AS today where FMSI and Clean Marine AS have entered into a term sheet pursuant to which the entities will effect a business combination to create a leading provider of exhaust gas cleaning systems ("EGCS" or "scrubbers"). Clean Marine AS has pioneered the development of hybrid and open loop multi-stream scrubbers, with research and development dating back to 2004. The combined entity, which will operate under the name Clean Marine, will provide a fully integrated offering, including OEM expertise, significant capacity, fast production times, project management and global after-sales services as well as offer financing arrangements for its customers. Following the transaction, Frontline will own a 14.45% interest in the combined company.
Robert Hvide Macleod, CEO of Frontline Management said:
"We are pleased to have been able to support the rapid growth of FMSI and to partake in the future growth of Clean Marine, which has seen its revenues increase fivefold year over year. Clean Marine has an excellent reputation backed by leading-edge engineering and a high level of customer satisfaction. Both of these factors will help to ensure that our scrubbers perform accordingly to specification when they are put to the test."
October 25, 2019
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda
Questions should be directed to:
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
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
