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SFL - Third Quarter 2013 Results

SFL - Third Quarter 2013 Results

Reports preliminary 3Q 2013 results and quarterly dividend of $0.39 per share

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 September30, 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    
                    Sep30, 2013 Jun30, 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 September30, 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  December30,  2013  to 
shareholders of record as of December12,  2013. The ex-dividend date will  be 
December10, 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'.

Reported net operating income pursuant to U.S. GAAP for the quarter was  $24.3 
million, or $0.26  per share, and  reported net income  was $13.5 million,  or 
$0.14 per share. This includes a recorded non-cash mark-to-market loss related
to interest  rate  hedge derivatives  of  $2.6 million  and  approximately  $1 
million of non-cash expense of theoretical equity cost relating to one of  our 
convertible bonds. The quarter also includes $1.4 million of drydocking  costs 
which were fully expensed in the quarter.

Ole B. Hjertaker, Chief Executive Officer  of Ship Finance Management AS  said 
in a comment: "Over the last 12 months, we have successfully raised a combined
amount of more than $2.5 billion in equity, bonds, convertible notes and  bank 
financing. The Company has  in a timely manner  addressed debt maturities  and 
refinanced both secured  and unsecured  debt, in addition  to raising  capital 
earmarked for growth."

Mr Hjertaker continued: "With the ordering of four 8,700 TEU container vessels
and the acquisition of a harsh environment jack up drilling rig, we have in
2013 committed to gross investments of around $950 million, and look forward
to the positive cash contribution from these investments in 2014 and onwards."

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
Magnus T. Valeberg, Senior Vice President: +47 23114012
Media Contact: Ole B. Hjertaker, Chief Executive Officer:+47 23114011

About Ship Finance

Ship Finance is a major ship owning company listed on the New York Stock
Exchange (NYSE: SFL). Including newbuildings, the Company has a fleet of 66
vessels, including 22 crude oil tankers (VLCC and Suezmax), two chemical
tankers, 12 drybulk carriers, 17 container vessels (including eight
newbuildings), two car carriers, six offshore supply vessels, two jack-up
drilling rigs (including one newbuilding), two ultra-deepwater
semi-submersible drilling rigs and one ultra-deepwater drillship. The fleet is
one of the largest in the world and most of the vessels 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.

HUG#1746133

SFL - Third Quarter 2013 Results:
http://hugin.info/134876/R/1746133/587751.pdf
 
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