SFL - Sale of vessel and charter termination compensation from Frontline
(Thomson Reuters ONE) -
Press release from Ship Finance International Limited, August 24, 2012
Ship Finance International Limited (NYSE:SFL) ("Ship Finance" or the "Company"),
today announced that it has agreed to sell the 21-year old combination carrier
Front Climber to an unrelated third party and has simultaneously agreed to
terminate the corresponding charter party with a subsidiary of Frontline Ltd.
("Frontline").
Delivery to the new owner is expected to be in September 2012 and Ship Finance
expects to receive net proceeds of approximately $9.0 million including a $0.6
million charter termination compensation payment from Frontline. As a result of
the sale, the Company expects to record a book gain of approximately $1.1
million in the third quarter of 2012.
August 24, 2012
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
Investor and Analyst Contacts:
Harald Gurvin, Chief Financial Officer, Ship Finance Management AS
+47 23114009 / +47 97520363
Magnus T. Valeberg, Senior Vice President, Ship Finance Management AS
+47 23114012 / +47 93440960
Media Contact:
Ole B. Hjertaker, Chief Executive Officer, Ship Finance Management AS
+47 23114011 / +47 90141243
About Ship Finance
Ship Finance is a major ship owning company listed on the New York Stock
Exchange (NYSE: SFL). Including newbuildings, the Company has a fleet of 67
vessels, including 25 crude oil tankers (VLCC and Suezmax), two chemical
tankers, four oil/bulk/ore vessels, 11 drybulk carriers including two
newbuildings, 15 container vessels including four newbuildings, six offshore
supply vessels, one jack-up drilling rig, one ultra-deepwater drillship and two
ultra-deepwater semi-submersible drilling rigs. 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.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ship Finance International Limited via Thomson Reuters ONE
[HUG#1636186]
Unternehmensinformation / Kurzprofil:
Datum: 24.08.2012 - 15:45 Uhr
Sprache: Deutsch
News-ID 177445
Anzahl Zeichen: 4599
contact information:
Town:
Hamilton
Kategorie:
Business News
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"SFL - Sale of vessel and charter termination compensation from Frontline"
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