SFL - Third Quarter 2013 Results
(Thomson Reuters ONE) -
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Reports preliminary 3Q 2013 results and quarterly dividend of $0.39 per share
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Hamilton, Bermuda, November 27, 2013. Ship Finance International Limited ("Ship
Finance" or the "Company") today announced its preliminary financial results for
the quarter ended September 30, 2013.
Highlights
* Declares third quarter dividend of $0.39 per share
* Refinanced $390 million bank debt related to an ultra-deepwater drilling rig
* Disposal of two older VLCCs
* Selected key financial data:
+-----------------------+-----------------------------+
| | Three Months Ended |
| | |
| | Sep 30, 2013 Jun 30, 2013 |
+-----------------------+-----------------------------+
| Charter revenues((1)) | $157m $154m |
| | |
| EBITDA((2)) | $121m $122m |
| | |
| Net income | $13m $25m |
| | |
| Earnings per share | $0.14 $0.29 |
+-----------------------+-----------------------------+
Dividends and Results for the Quarter Ended September 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 39 consecutive quarters.
The dividend will be paid on or about December 30, 2013 to shareholders of
record as of December 12, 2013. The ex-dividend date will be December 10, 2013.
The Company reported total U.S. GAAP operating revenues on a consolidated basis
of $68.1 million, or $0.73 per share, in the third quarter of 2013. This number
excludes $13.8 million of revenues classified as 'repayment of investments in
finance lease', and also excludes $76.1 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 $24.3
million, or $0.26 per share, and reported net income was $13.5 million, or $0.14
per share. This includes a recorded non-cash mark-to-market loss related to
interest rate hedge derivatives of $2.6 million and approximately $1 million of
non-cash expense of theoretical equity cost relating to one of our convertible
bonds. The quarter also includes $1.4 million of drydocking costs which were
fully expensed in the quarter.
Ole B. Hjertaker, Chief Executive Officer of Ship Finance Management AS said in
a comment: "Over the last 12 months, we have successfully raised a combined
amount of more than $2.5 billion in equity, bonds, convertible notes and bank
financing. The Company has in a timely manner addressed debt maturities and
refinanced both secured and unsecured debt, in addition to raising capital
earmarked for growth."
Mr Hjertaker continued: "With the ordering of four 8,700 TEU container vessels
and the acquisition of a harsh environment jack up drilling rig, we have in
2013 committed to gross investments of around $950 million, and look forward to
the positive cash contribution from these investments in 2014 and onwards."
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: +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 66
vessels, including 22 crude oil tankers (VLCC and Suezmax), two chemical
tankers, 12 drybulk carriers, 17 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.
SFL - Third Quarter 2013 Results:
http://hugin.info/134876/R/1746133/587751.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1746133]
Unternehmensinformation / Kurzprofil:
Datum: 27.11.2013 - 14:10 Uhr
Sprache: Deutsch
News-ID 320815
Anzahl Zeichen: 7454
contact information:
Town:
Hamilton
Kategorie:
Business News
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