HAMILTON, BERMUDA--(Marketwire - Oct 16, 2012) - Press release from Ship Finance
International Limited, October 16, 2012
Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or the
"Company"),
today announced that it has agreed to sell the 21-year old combination
carrier
Front Driver to an unrelated third party and has simultaneously agreed to
terminate the corresponding charter party with a subsidiary of Frontline
Ltd.
("Frontline").
Delivery to the new owner is expected to be in the fourth quarter of 2012
and
Ship Finance expects to receive net proceeds of approximately $9.6 million
including a $0.5 million charter termination compensation payment from
Frontline. As a result of the sale, the Company expects to record a book
gain of
approximately $3.3 million in the fourth quarter of 2012.
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
About Ship Finance
Ship Finance is a leading ship-owning company with one of the largest and
most
diverse asset bases across the maritime and offshore industries. It is
listed
on the New York Stock Exchange and trades under the symbol "SFL" Including
newbuildings, the Company has a fleet of 66 vessels that consists of 25
crude
oil tankers (VLCC and Suezmax), two chemical tankers, three oil/bulk/ore
vessels, 11 drybulk carriers including, two newbuildings, 15 container
vessels
including, four newbuildings, six offshore supply vessels, one jack-up
drilling
rig, one ultra-deepwater drillship and two ultra-deepwater semi-submersible
drilling rigs. Most of the vessels and offshore drilling units 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.
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
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