SFL - Sale of a single-hull VLCC
(Thomson Reuters ONE) - Press release from Ship Finance International Limited July 27, 2009Ship Finance International Limited (NYSE:SFL) ("Ship Finance" or the"Company"), today announced that it has agreed to sell thesingle-hull VLCC Front Duchess to an unrelated third party for netsales proceeds of $18.8 million.Delivery to the new owner is expected to take place inSeptember/October 2009, and Ship Finance will receive a net amount ofapproximately $16.0 million after compensation of approximately $2.8million to Frontline for the termination of the current charter.At the end of September 2009 there will be approximately $13.8million in loans outstanding against the vessel, and the net casheffect to Ship Finance from the transaction is estimated to beapproximately $2.2 million.Following this sale, and excluding two vessels previously announcedsold on hire/purchase terms, Ship Finance will have only fivesingle-hull crude oil tankers remaining in the fleet.The reduction of the single-hull tanker exposure is in line with theCompany's strategy of focusing on modern assets in various shippingand offshore segments.July 27, 2009The Board of DirectorsShip Finance International LimitedHamilton, BermudaContact Persons:Ole B. Hjertaker: Chief Executive 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 YorkStock Exchange (NYSE: SFL). Including newbuildings, the Company has afleet of 66 vessels, including 32 crude oil tankers (VLCC andSuezmax), two chemical tankers, eight oil/bulk/ore vessels, onedry-bulk carrier, 13 container vessels, six offshore supply vessels,one jack-up drilling rigs and three ultra-deepwater drilling units.The fleet is one of the largest in the world and most of the vesselsare employed on long-term charters.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. Thesestatements are based upon various assumptions, many of which arebased, in turn, upon further assumptions, including Ship Financemanagement's examination of historical operating trends. AlthoughShip Finance believes that these assumptions were reasonable whenmade, because assumptions are inherently subject to significantuncertainties and contingencies which are difficult or impossible topredict and are beyond its control, Ship Finance cannot giveassurance that it will achieve or accomplish these expectations,beliefs or intentions.Important factors that, in the Company's view, could cause actualresults to differ materially from those discussed in thispresentation include the strength of world economies and currencies,general market conditions including fluctuations in charter hirerates and vessel values, changes in demand in the tanker market as aresult of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in the Company's operatingexpenses including bunker prices, dry-docking and insurance costs,changes in governmental rules and regulations or actions taken byregulatory authorities, potential liability from pending or futurelitigation, general domestic and international political conditions,potential disruption of shipping routes due to accidents or politicalevents, and other important factors described from time to time inthe reports filed by the Company with the United States Securitiesand Exchange Commission.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 27.07.2009 - 13:45 Uhr
Sprache: Deutsch
News-ID 3999
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