SFL - First Quarter 2017 Results

Press release from Ship Finance International Limited - 30.05.2017

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

Reports preliminary Q1 2017 results and quarterly dividend of $0.45 per share

Hamilton, Bermuda - May 30, 2017

Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended March 31, 2017.

Highlights

• Declaration of first quarter dividend of $0.45 per share, the Company's 53rd consecutive quarterly dividend

• Earned $152 million of total charter revenues during the first quarter

• Continued diversification and renewal of the fleet with the delivery of a second 19,200 TEU container vessel with long term charter to MSC and the sale of two older crude oil tanker vessels

• Secured charter for the 2007-built drilling rig Soehanah with a national oil company in Asia for a minimum period of 12 months

• Agreed to five-year hire-purchase lease for a 1,700 TEU container vessel

Selected key financial data







Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "Ship Finance continues to take steps to strengthen its balance sheet and diversify its contracted backlog. In the first quarter, we took delivery of our second 19,200 TEU container vessel, and we expect to take delivery of two product tankers in the third quarter this year. These three vessels, backed by long term charters, will add approximately $26 million in annual EBITDA following their deliveries. We are also pleased to have secured employment for our sole uncontracted drilling rig.

We are of course focused on the restructuring of Seadrill, one of our large counterparties, which we hope will be finalized in the coming months. At the same time, we have significant capital available for investments, and our objectives remain to find accretive investment opportunities across our core markets and to maximize returns from our existing portfolio of assets."

The full report can be found in First Quarter 2017 Results

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 more than 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 on the Company's website: www.shipfinance.bm

Ship Finance International Limited press release