SFL - Fourth Quarter 2017 Results

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


Reports preliminary Q4 2017 results and quarterly cash dividend of $0.35 per share


Hamilton, Bermuda, February 27, 2018. Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended December 31, 2017.

Highlights

  • Declaration of fourth quarter dividend of $0.35 per share, the Company's 56th consecutive quarterly dividend
  • Improving market conditions led to first profit share income from eight Capesize dry bulk carriers on long term charters
  • Net income of $20 million and $152 million of total charter revenues for the fourth quarter
  • Continued renewal of the fleet with the divestment of an older crude oil tanker vessel
  • Strengthened balance sheet with early conversion of $121 million of convertible notes and redemption of remaining $63 million
  • In February 2018, Seadrill Limited announced a global settlement in its Chapter 11 cases. The recent amendments do not result in any changes to terms affecting Ship Finance

Selected key financial data

Three Months Ended
Dec 31, 2017 Sep 30, 2017
Long term charter revenues(1) $139 million $133 million
Short term charters(2) $13 million $17 million
Total charter revenues(1)(2) $152 million $150 million
Adjusted EBITDA(3) $117 million $115 million
Net Income $20 million $29 million
Earnings per share $0.20 $0.31

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "We have continued to take proactive measures to strengthen our balance sheet through the early conversion of a large portion of our convertible notes in the fourth quarter and the redemption of the remainder at maturity subsequent to quarter end. This significantly enhances our financial profile, allowing us to further our focus on growth. We have been actively evaluating investment opportunities and expect to see new projects materialize later this year."

Dividends and Results for the Quarter Ended December 31, 2017

The Board of Directors has declared a quarterly cash dividend of $0.35 per share. The dividend will be paid on or around March 27 to shareholders on record as of March 19, and the ex-dividend date on the New York Stock Exchange will be March 16, 2018.

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.

Attachment:

http://www.globenewswire.com/NewsRoom/AttachmentNg/9913dca1-2ee6-40f1-bef6-c00f9732817a

Source:Ship Finance International Limited