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SFL - Fourth Quarter 2016 Results

Ship Finance International Limited (NYSE: SFL) - Earnings Release


Reports preliminary 4Q 2016 results and quarterly dividend of $0.45 per share


Hamilton, Bermuda, February 28, 2017. Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended December 31, 2016.

Highlights

  • Declaration of fourth quarter dividend of $0.45 per share, the Company's 52nd consecutive quarterly dividend
  • Successful issuance of $225 million of senior unsecured convertible notes due in 2021 and repurchase of $166 million of convertible notes due in 2018
  • Continued diversification and renewal of fleet with the delivery of the first of two 19,200 TEU container vessels and agreement to sell one 1998-built VLCC
  • Earned $7.0 million, or $0.07 per share, of profit share during the quarter

Selected key financial data

Three Months Ended
Dec 31, 2016 Sep 30, 2016
Long term charter revenues(1) $134 million $134 million
Short term charters and profit share income(2) $20 million $15 million
Total charter revenues(1)(2) $154 million $149 million
Adjusted EBITDA(3) $121 million $115 million
Net Income $29 million $32 million
Earnings per share $0.31 $0.35

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "Ship Finance continued to diversify its portfolio of assets and counterparty exposure in the fourth quarter, following a strategy we have employed since our inception. Our continued performance is supported by our diversified $3.7 billion contract backlog with a weighted average charter period of nearly nine years as well as our exposure to market strength in various segments through profit sharing agreements and spot market employment.

We have also taken prudent steps to strengthen our balance sheet and improve our financial flexibility. Several new vessels will be added to our growing fleet in 2017, and we are consistently evaluating investment opportunities that will allow us to continue to return value to our shareholders."

The full report can be found in the link below.

Questions can be directed to Ship Finance Management AS:

Investor and Analyst Contact:
Harald Gurvin, Chief Financial Officer: +47 23114009
André Reppen, Senior Vice President: +47 23114055

Media Contact:
Ole B. Hjertaker, Chief Executive Officer: +47 23114011

About Ship Finance
Ship Finance International Limited (NYSE: SFL) has an unprecedented track record in the maritime industry, being consistently profitable and paying dividends every quarter since 2004. The Company's fleet of more than 70 vessels is split between tankers, bulkers, container vessels and offshore assets, and Ship Finance's long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time. More information can be found on the Company's website: www.shipfinance.bm

Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including Ship Finance management's examination of historical operating trends. Although Ship Finance believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, Ship Finance cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.
Important factors that, in the Company's view, could cause actual results to differ materially from those discussed in this presentation include the strength of world economies and currencies, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the tanker market as a result of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in the Company's operating expenses including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission.

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/9bbd0ec0-7c36-4f71-a77a-55f3c0f02ac4

Source:Ship Finance International Limited