SFL - Third Quarter 2016 Results
November 29 2016 - 8:00AM
Ship Finance International Limited ("Ship Finance" or the
"Company") today announced its preliminary financial results for
the quarter ended September 30, 2016.
Highlights
- Declaration of third quarter dividend of $0.45 per share
- $5.5million in profit share in the quarter
- Successful placement of a $225 million convertible bond in
October
- Continued fleet renewal with an agreement to sell an older
VLCC
- Selected key financial data:
Three
Months Ended |
|
|
|
Sep 30, 2016 |
Jun 30, 2016 |
Charter revenues(1) |
$149m |
$159m |
EBITDA(2) |
$115m |
$128m |
Net income |
$
32m |
$ 39m |
Earnings per share |
$ |
0.35 |
|
|
$ |
0.42 |
|
|
Ole B. Hjertaker, CEO of Ship Finance Management
AS, said in a comment: "We are pleased to post yet another positive
result for Ship Finance, and have now declared our 51st consecutive
quarterly cash dividend.
Our diversified backlog now stands at $3.9
billion with a weighted average charter period of nearly 9 years.
While we have not committed to new investments in recent months, we
have strengthened our balance sheet through the issuance of a $225
million convertible bond in October, and are continuously
evaluating investment opportunities."
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
23114009Andre Reppen, Senior Vice President: +47 23114055
Media Contact:Ole B. Hjertaker,
Chief Executive Officer: +47 23114011
About Ship FinanceShip 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
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.
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/51ef24ad-97d5-4848-b59c-af919de167b1
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