SFL - Second Quarter 2013 Results
(Thomson Reuters ONE) -
Ship Finance International Limited (NYSE: SFL) - Earnings Release
Reports preliminary 2Q 2013 results and quarterly dividend of $0.39 per share
Hamilton, Bermuda, August 28, 2013. Ship Finance International Limited ("Ship
Finance" or the "Company") today announced its preliminary financial results for
the quarter ended June 30, 2013.
Highlights
* Declares second quarter dividend of $0.39 per share
* Contracted four 8,700 TEU container newbuildings in the quarter with
delivery in 2014 and 2015
* Acquisition of harsh-environment jack-up drilling rig in combination with
long-term charter
* Secured bank financing of $475 million for the new rig acquisition - more
than $2 billion raised in the capital markets during the last 12 months
* Raised $129 million in an equity offering in June
* Selected key financial data:
+-----------------------+-----------------------------+
| | Three Months Ended |
| | |
| | Jun 30, 2013 Mar 31, 2013 |
+-----------------------+-----------------------------+
| Charter revenues((1)) | $154m $153m |
| | |
| EBITDA((2)) | $122m $122m |
| | |
| Net income | $25m $32m |
| | |
| Earnings per share | $0.29 $0.38 |
+-----------------------+-----------------------------+
Dividends and Results for the Quarter Ended June 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 38 consecutive quarters.
The dividend will be paid on or about September 27, 2013 to shareholders of
record as of September 12, 2013. The ex-dividend date will be September
10, 2013.
The Company reported total U.S. GAAP operating revenues on a consolidated basis
of $66.0 million, or $0.77 per share, in the second quarter of 2013. This number
excludes $12.9 million of revenues classified as 'repayment of investments in
finance lease', and also excludes $76.6 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 $25.8
million, or $0.30 per share, and reported net income was $25.1 million, or $0.29
per share.
Ole B. Hjertaker, Chief Executive Officer of Ship Finance Management AS said in
a comment: "We continue to expand our presence in the offshore market with the
acquisition of a new harsh-environment jack-up drilling rig, adding more than
$800 million to our charter backlog. We have also ordered four 8,700 TEU vessels
with the latest eco-design features providing better operational performance
compared to existing ships of similar size".
Mr. Hjertaker continued: "With new investments totaling nearly $1 billion in the
quarter, our focus is to continue building the Company's long-term distribution
capacity. The equity raised in June was immediately invested in the new
accretive drilling rig project and we are well positioned for further growth
within our core segments".
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, Ship Finance Management AS
+47 23114011
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 70
vessels, including 24 crude oil tankers (VLCC and Suezmax), two chemical
tankers, 12 drybulk carriers, 19 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.
Second Quarter 2013 Results:
http://hugin.info/134876/R/1725370/575353.pdf
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#1725370]
Unternehmensinformation / Kurzprofil:
Datum: 28.08.2013 - 14:54 Uhr
Sprache: Deutsch
News-ID 291722
Anzahl Zeichen: 7364
contact information:
Town:
Hamilton
Kategorie:
Business News
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