SFL - Sale of VLCC
(Thomson Reuters ONE) - Press release from Ship Finance International Limited, February 5, 2010Ship Finance International Limited (NYSE:SFL) ("Ship Finance" or the "Company"),today announced that it has sold the 1998-built VLCC Front Vista to a subsidiaryof Frontline Ltd. ("Frontline") for total sales proceeds of $58.5 million.Frontline has concurrently agreed to sell the vessel to an undisclosed thirdparty with settlement by way of installments. This transaction is linked to a10-year time charter to a state-owned oil company.Ship Finance will receive net proceeds of approximately $22.1 million afterprepayment of associated debt. The sale is expected to result in a book gain onsale of assets of approximately $1.8 million.February 5, 2010The Board of DirectorsShip Finance International LimitedHamilton, BermudaContact Persons:Ole B. Hjertaker: Chief Financial Officer, Ship Finance Management AS+47 2311 4011 / +47 9014 1243Magnus T. Valeberg: Vice President, Ship Finance Management AS+47 2311 4012 / +47 9344 0960About Ship FinanceShip Finance is a major ship owning company listed on the New York StockExchange (NYSE: SFL). Including newbuildings, the Company has a fleet of 66vessels, including 32 crude oil tankers (VLCC and Suezmax), two chemicaltankers, eight oil/bulk/ore vessels, one dry-bulk carrier, 13 container vessels,six offshore supply vessels, one jack-up drilling rig and three ultra-deepwaterdrilling units. The fleet is one of the largest in the world and most of thevessels are employed on long-term charters. The Company has declared a cashdividend for 23 consecutive quarters.More information can be found on the Company's website: www.shipfinance.orgCautionary Statement Regarding Forward Looking StatementsThis press release may contain forward looking statements. These statements arebased upon various assumptions, many of which are based, in turn, upon furtherassumptions, including Ship Finance management's examination of historicaloperating trends. Although Ship Finance believes that these assumptions werereasonable when made, because assumptions are inherently subject to significantuncertainties and contingencies which are difficult or impossible to predict andare beyond its control, Ship Finance cannot give assurance that it will achieveor accomplish these expectations, beliefs or intentions.Important factors that, in the Company's view, could cause actual results todiffer materially from those discussed in this presentation include the strengthof world economies and currencies, general market conditions includingfluctuations in charter hire rates and vessel values, changes in demand in thetanker market as a result of changes in OPEC's petroleum production levels andworld wide oil consumption and storage, changes in the Company's operatingexpenses including bunker prices, dry-docking and insurance costs, changes ingovernmental rules and regulations or actions taken by regulatory authorities,potential liability from pending or future litigation, general domestic andinternational political conditions, potential disruption of shipping routes dueto accidents or political events, and other important factors described fromtime to time in the reports filed by the Company with the United StatesSecurities and Exchange Commission.[HUG#1381125]
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Datum: 05.02.2010 - 10:59 Uhr
Sprache: Deutsch
News-ID 12129
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