×

SFL - Third Quarter 2017 Results

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


Reports preliminary Q3 2017 results and quarterly cash dividend of $0.35 per share


Hamilton, Bermuda, November 22, 2017. Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended September 30, 2017.

Highlights

  • Declaration of third quarter dividend of $0.35 per share, the Company's 55th consecutive quarterly dividend
  • Net income of $29 million and $150 million of total charter revenues during the third quarter
  • 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 an older crude oil tanker vessel
  • Strengthened balance sheet with early conversion of $121 million of convertible notes

Selected key financial data

Three Months Ended
Sep 30, 2017 Jun 30, 2017
Long term charter revenues(1) $133 million $138 million
Short term charters(2) $17 million $12 million
Total charter revenues(1)(2) $150 million $150 million
Adjusted EBITDA(3) $115 million $118 million
Net Income $29 million $20 million
Earnings per share $0.31 $0.22

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "Including today's announced dividend, Ship Finance has made aggregate dividend payments in excess of $23 per share since 2004, and we have remained profitable every quarter from our inception. Our track record and significant industry relationships provide access to a consistent stream of investment opportunities, and we remain committed to continuing to build the Company and return value to our shareholders.

The fleet renewal continues and we have strengthened our balance sheet through amendments to certain loan facilities, the issuance of new unsecured notes in the market and the early conversion of a large portion of our convertible notes. These proactive measures significantly enhance our financial profile, allowing us to intensify our focus on growth."

Dividends and Results for the Quarter Ended September 30, 2017

The Board of Directors has declared a quarterly cash dividend of $0.35 per share. The dividend will be paid on or around December 29 to shareholders on record as of December 11, and the ex-dividend date on the New York Stock Exchange will be December 12, 2017.

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 a unique 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/06b30e07-b9cb-4267-9c44-06276ee18dea

Source:Ship Finance International Limited