SFL - Second Quarter 2009 Results
(Thomson Reuters ONE) - Ship Finance International Limited (NYSE: SFL) - Earnings Release Reports preliminary 2Q 2009 results and quarterly dividend of $0.30 per shareHamilton, Bermuda, August 20, 2009. Ship Finance InternationalLimited ("Ship Finance" or the "Company") today announced itspreliminary financial results for the quarter ended June 30, 2009.Highlights* Declared a quarterly dividend of $0.30 per share.* Reported net income for the quarter of $53.5 million, or $0.72 per share, including accrued profit share of $8.0 million, or $0.11 per share.* A non-recurring gain of $41.7 million was recognized in the second quarter relating to our 8.5% Senior Notes previously controlled under total return swap ("TRS") agreements. The Company also recognized a $33.9 million non-cash write-down of assets, predominantly linked to the remaining single-hull VLCCs.* 3.5 million new shares were issued in the quarter, as a combination of stock dividends and shares sold in the market. Subsequent to quarter end, an additional 1.0 million shares have been issued as stock dividend.* Announced the appointment of Mr. Ole B. Hjertaker as the new Chief Executive Officer ("CEO") of Ship Finance Management AS.* Announced the sale of the jack-up drilling rig West Ceres to Seadrill Ltd. ("Seadrill") pursuant to a purchase option. Delivery took place in July 2009, and the net cash effect to the Company in the third quarter was $40 million after repayment of associated bank debt.* Announced the sale of the single-hull VLCC Front Duchess to an unrelated third party. Delivery to the new owner is expected in September 2009, and the net cash effect to the Company is estimated at approximately $2.5 million after repayment of associated bank debt.DividendThe Board of Directors has declared a quarterly dividend of $0.30 pershare in cash, or, at the election of the shareholder, payable innewly issued common shares. The dividend will be paid on or about 16October, 2009 to shareholders of record as of 31 August, 2009. Theex-dividend date will be 27 August, 2009.Similar to the previous two quarters, shareholders may make anelection to receive the dividend in newly issued common shares afterreviewing a prospectus supplement relating to the dividend paymentwhich will be filed with the U.S. Securities and Exchange Commission("SEC"). The number of common shares to be issued as dividend will beset based on the volume-weighted average price of the shares on theNew York Stock Exchange during the three trading days prior to theex-dividend date, less a 5% discount.The Company's largest shareholders, Farahead Investments Inc. andHemen Holding Ltd., who collectively own 42.1 % of the shares and areindirectly controlled by trusts affiliated with Mr. John Fredriksen,have again informed the Company that they would like to receive allof their dividends in the form of newly issued common shares.Results for the Quarter ended June 30, 2009The Company reported total operating revenues of $88.2 million, or$1.19 per share, in the second quarter of 2009. This number excludescharter hire classified as 'Repayment of investments in financelease', and excludes substantial charter revenues in three 100% ownedsubsidiaries classified as 'investment in associate'. Net operatingincome for the quarter was $28.1 million, or $0.37 per share, andreported net income was $53.5 million, or $0.72 per share.The profit share accrued in the second quarter was $8.0 million, or$0.11 per share, compared to $14.5 million, or $0.20 per share in thefirst quarter of 2009. The accrued profit share for 2009 will bepayable in March 2010.At the end of the second quarter 2009, $449 million of the 8.5%Senior Notes due 2013 were outstanding. In June 2009, the Companybought back Senior Notes with a face value of $148 million, giving anet outstanding amount of $301 million under the Senior Notes. Therepurchased Senior Notes were previously held by two banks under TRSagreements and were bought back at 84.5% of face value. Followingthis transaction, the Company recognized a non-recurring gain of$41.7 million in the second quarter. The repurchase of the SeniorNotes was part financed by new bank facilities with a total initialoutstanding of $90 million.The Company also recognized a $33.9 million non-cash impairmentcharge related to our remaining six single-hull tankers and afinancial investment in a container vessel owner/operator.Under US GAAP, the 100% owned ultra-deepwater drilling units WestPolaris, West Hercules and West Taurus and the Panamax dry bulkvessel Golden Shadow are accounted for as 'investment in associate'.Consequently, only the aggregate 'net income' from thesevessel-owning subsidiaries is recognized in the consolidated incomestatement of Ship Finance as 'Results in associate'.August 20, 2009The Board of DirectorsShip Finance International LimitedHamilton, BermudaQuestions should be directed to:Ole B. Hjertaker: Chief Executive Officer, Ship Finance Management AS+47 23114011 / +47 90141243Magnus T. Valeberg: Vice President, Ship Finance Management AS+47 23114012 / +47 93440960http://hugin.info/134876/R/1336159/317859.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 20.08.2009 - 14:40 Uhr
Sprache: Deutsch
News-ID 4920
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