SFL - Third Quarter 2013 Results

GlobeNewswire Europe


Reports preliminary 3Q 2013 results and quarterly dividend of $0.39 per share


Hamilton, Bermuda, November 27, 2013. Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended September 30, 2013.

Highlights

  • Declares third quarter dividend of $0.39 per share
  • Refinanced $390 million bank debt related to an ultra-deepwater drilling rig
  • Disposal of two older VLCCs
  • Selected key financial data:
Three Months Ended  
Sep 30, 2013 Jun 30, 2013
Charter revenues(1) $157m $154m
EBITDA(2) $121m $122m
Net income $13m $25m
Earnings per share $0.14   $0.29  
     

Dividends and Results for the Quarter Ended September 30, 2013

The Board of Directors has declared a quarterly cash dividend of $0.39 per share, and Ship Finance has now declared dividends for 39 consecutive quarters. The dividend will be paid on or about December 30, 2013 to shareholders of record as of December 12, 2013. The ex-dividend date will be December 10, 2013.

The Company reported total U.S. GAAP operating revenues on a consolidated basis of $68.1 million, or $0.73 per share, in the third quarter of 2013. This number excludes $13.8 million of revenues classified as `repayment of investments in finance lease`, and also excludes $76.1 million of charter revenues earned by assets classified as `investment in associate`.

Reported net operating income pursuant to U.S. GAAP for the quarter was $24.3 million, or $0.26 per share, and reported net income was $13.5 million, or $0.14 per share. This includes a recorded non-cash mark-to-market loss related to interest rate hedge derivatives of $2.6 million and approximately $1 million of non-cash expense of theoretical equity cost relating to one of our convertible bonds. The quarter also includes $1.4 million of drydocking costs which were fully expensed in the quarter.

Ole B. Hjertaker, Chief Executive Officer of Ship Finance Management AS said in a comment: "Over the last 12 months, we have successfully raised a combined amount of more than $2.5 billion in equity, bonds, convertible notes and bank financing. The Company has in a timely manner addressed debt maturities and refinanced both secured and unsecured debt, in addition to raising capital earmarked for growth."

Mr Hjertaker continued: "With the ordering of four 8,700 TEU container vessels and the acquisition of a harsh environment jack up drilling rig, we have in 2013 committed to gross investments of around $950 million, and look forward to the positive cash contribution from these investments in 2014 and onwards."
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
Magnus T. Valeberg, Senior Vice President: +47 23114012

 

Media Contact:

Ole B. Hjertaker, Chief Executive Officer: +47 23114011

About Ship Finance

Ship Finance is a major ship owning company listed on the New York Stock Exchange (SFL). Including newbuildings, the Company has a fleet of 66 vessels, including 22 crude oil tankers (VLCC and Suezmax), two chemical tankers, 12 drybulk carriers, 17 container vessels (including eight newbuildings), two car carriers, six offshore supply vessels, two jack-up drilling rigs (including one newbuilding), two ultra-deepwater semi-submersible drilling rigs and one ultra-deepwater drillship. 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: www.shipfinance.org

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. SFL - Third Quarter 2013 Results



This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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

HUG#1746133

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