SFL - Third Quarter 2016 Results

Hamilton, Bermuda, Nov. 29, 2016 (GLOBE NEWSWIRE) -- Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended September 30, 2016.

Highlights
  • Declaration of third quarter dividend of $0.45 per share
  • $5.5million in profit share in the quarter
  • Successful placement of a $225 million convertible bond in October
  • Continued fleet renewal with an agreement to sell an older VLCC
  • Selected key financial data:
Three Months Ended    
  Sep 30, 2016 Jun 30, 2016
Charter revenues (1)   $149m $159m
EBITDA (2) $115m $128m
Net income    $ 32m    $  39m
Earnings per share $    0.35     $  0.42    

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "We are pleased to post yet another positive result for Ship Finance, and have now declared our 51 st consecutive quarterly cash dividend.

Our diversified backlog now stands at $3.9 billion with a weighted average charter period of nearly 9 years. While we have not committed to new investments in recent months, we have strengthened our balance sheet through the issuance of a $225 million convertible bond in October, and are continuously evaluating investment opportunities."

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