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SFL - Third Quarter 2013 Results

Hamilton, Bermuda, Nov. 27, 2013 (GLOBE NEWSWIRE) -- 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'.

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