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SFL - Second Quarter 2017 Results

ID: 1519254
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(Thomson Reuters ONE) -



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

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Reports preliminary Q2 2017 results and quarterly dividend of $0.35 per share
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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
54(th) 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 $12 million $17 million|
|income((2))   |
| |
|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.


Second Quarter 2017 Results:
http://hugin.info/134876/R/2130253/813803.pdf



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Ship Finance International Limited via GlobeNewswire






More information:
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published by: hugin
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Date: 08/30/2017 - 14:30
Language: English
News-ID 1519254
Character count: 4151
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Firma: Ship Finance International Limited
Ansprechpartner: Feedback to businesspress24.com about Pressrelease-id:
Stadt: Hamilton
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