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SFL - Sale of the ultra-deepwater drillship "West Polaris"

ID: 1327495
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(Thomson Reuters ONE) -

Press release from Ship Finance International Limited, December 30, 2014

Ship Finance International Limited (NYSE:SFL) ("Ship Finance" or the "Company"),
today announced that Seadrill Limited ("Seadrill") has exercised a purchase
option for an ultra-deepwater drilling unit.
Ship Finance acquired the West Polaris in 2008 and it was chartered to a
subsidiary of Seadrill on a long-term bareboat charter where Seadrill was
granted certain purchase options, first time in 2012. The purchase option price
is $456 million and the transaction will be effected as a sale of the shares in
the asset-owning subsidiary.
Ship Finance will receive approximately $108 million in net cash proceeds from
the sale, and we do not expect a material book impact from the transaction. The
cash proceeds are expected to be reinvested in new assets, and the sale of West
Polaris is not expected to impact the dividend capacity going forward.
Following this transaction, we will have two ultra-deepwater drilling rigs on
charter to Seadrill, and next purchase options will be in November 2016 and
February 2017 for the West Hercules and the West Taurus, respectively.

The Board of Directors

Ship Finance International Limited
Hamilton, Bermuda

Questions can be directed to Ship Finance Management AS:
Ole B. Hjertaker, Chief Executive Officer: +47 23114011
André Reppen, Senior Vice President: +47 23114055

About Ship Finance
Ship Finance is a major ship owning company listed on the New York Stock
Exchange (NYSE: SFL). Including newbuildings and adjusted for the sale of
assets, the Company will have a fleet of 69 vessels, including 19 crude oil
tankers (VLCC and Suezmax), two chemical tankers, 14 drybulk carriers (including
one acquisition), 24 container vessels (including four newbuildings), two car

carriers, six offshore supply vessels, two jack-up drilling rigs and two ultra-
deepwater semi-submersible drilling rigs. The fleet is one of the largest in the
world and most of the vessels are employed on long-term charters.
More information can be found on the Company''s website:

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.

This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Ship Finance International Limited via GlobeNewswire

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Date: 12/30/2014 - 10:07
Language: English
News-ID 1327495
Character count: 0
Firma: Ship Finance International Limited
Ansprechpartner: Feedback to about Pressrelease-id:
Stadt: Hamilton


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