SFL - First Quarter 2017 Results
(Thomson Reuters ONE) -
Ship Finance International Limited (NYSE: SFL) - Earnings Release
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Reports preliminary Q1 2017 results and quarterly dividend of $0.45 per share
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Hamilton, Bermuda, May 30, 2017. Ship Finance International Limited ("Ship
Finance" or the "Company") today announced its preliminary financial results for
the quarter ended March 31, 2017.
Highlights
* Declaration of first quarter dividend of $0.45 per share, the Company's
53(rd) consecutive quarterly dividend
* Earned $152 million of total charter revenues during the first quarter
* Continued diversification and renewal of the fleet with the delivery of a
second 19,200 TEU container vessel with long term charter to MSC and the
sale of two older crude oil tanker vessels
* Secured charter for the 2007-built drilling rig Soehanah with a national oil
company in Asia for a minimum period of 12 months
* Agreed to five-year hire-purchase lease for a 1,700 TEU container vessel
Selected key financial data
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| Three Months Ended |
| |
| March 31, 2017 Dec 31, 2016|
| |
|Long term charter revenues((1)) $135 million $134 million|
| |
|Short term charters and profit share $17 million $20 million|
|income((2)) |
| |
|Total charter revenues((1)(2)) $152 million $154 million|
| |
|Adjusted EBITDA((3)) $119 million $121 million|
| |
|Net Income $32 million $29 million|
| |
|Earnings per share $0.35 $0.31|
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Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "Ship
Finance continues to take steps to strengthen its balance sheet and diversify
its contracted backlog. In the first quarter, we took delivery of our second
19,200 TEU container vessel, and we expect to take delivery of two product
tankers in the third quarter this year. These three vessels, backed by long term
charters, will add approximately $26 million in annual EBITDA following their
deliveries. We are also pleased to have secured employment for our sole
uncontracted drilling rig.
We are of course focused on the restructuring of Seadrill, one of our large
counterparties, which we hope will be finalized in the coming months. At the
same time, we have significant capital available for investments, and our
objectives remain to find accretive investment opportunities across our core
markets and to maximize returns from our existing portfolio of assets."
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
André Reppen, Senior Vice President: +47 23114055
Media Contact:
Ole B. Hjertaker, Chief Executive Officer: +47 23114011
About Ship Finance
Ship Finance International Limited (NYSE: SFL) has an unprecedented track record
in the maritime industry, being consistently profitable and paying dividends
every quarter since 2004. The Company's fleet of more than 70 vessels is split
between tankers, bulkers, container vessels and offshore assets, and Ship
Finance's long term distribution capacity is supported by a portfolio of long
term charters and significant growth in the asset base over time. More
information can be found on the Company's website: www.shipfinance.bm
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.
First Quarter 2017 Results:
http://hugin.info/134876/R/2108442/800810.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ship Finance International Limited via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 30.05.2017 - 14:15 Uhr
Sprache: Deutsch
News-ID 545199
Anzahl Zeichen: 7385
contact information:
Town:
Hamilton
Kategorie:
Business News
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"SFL - First Quarter 2017 Results"
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