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SFL - Second Quarter 2017 Results

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


Reports preliminary Q2 2017 results and quarterly dividend of $0.35 per share


Hamilton, Bermuda, August 30, 2017. Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended June 30, 2017.

Highlights

  • Declaration of second quarter dividend of $0.35 per share, the Company's 54th consecutive quarterly dividend
  • $150 million of total charter revenues during the second quarter
  • Successfully placed NOK 500 million senior unsecured bonds, equivalent to approximately $60 million(4)
  • The 2007-built drilling rig Soehanah commenced drilling operations for a national oil company in Asia with a minimum duration of 12 months
  • Continued diversification and renewal of the fleet with the delivery of two LR2 product tanker vessels with long term charters to Phillips 66 and the sale of older crude oil tanker vessels
  • Fixed rate charter backlog of approximately $3.4 billion

Selected key financial data

Three Months Ended
Jun 30, 2017 Mar 31, 2017
Long term charter revenues(1) $138 million $135 million
Short term charters and profit share income(2) $12 million $17 million
Total charter revenues(1)(2) $150 million $152 million
Adjusted EBITDA(3) $118 million $119 million
Net Income $20 million $32 million
Earnings per share $0.22 $0.35

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "In light of the pending financial restructuring in Seadrill and also a softer tanker market, the Board has adjusted the dividend to $0.35 per share this quarter. We believe this is a prudent action that resets our dividend to a more sustainable level going forward. Today's declaration brings total accumulated dividends to more than $23 per share since 2004 and we have a large, diversified fleet of 70 vessels and rigs in operation, a significant charter backlog, and remain in a very strong financial position."

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 around 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 at 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/9bf2f942-bbdf-489e-ac37-a40c13efed37

Source:Ship Finance International Limited