Reports preliminary Q2 2017 results and quarterly dividend of $0.35 per share
Hamilton, Bermuda - Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended June 30, 2017.
Highlights
- Declaration of second quarter dividend of $0.35 per share, the Company's 54th consecutive quarterly dividend
- $150 million of total charter revenues during the second quarter
- Successfully placed NOK 500 million senior unsecured bonds, equivalent to approximately $60 million(4)
- The 2007-built drilling rig Soehanah commenced drilling operations for a national oil company in Asia with a minimum duration of 12 months
- Continued diversification and renewal of the fleet with the delivery of two LR2 product tanker vessels with long term charters to Phillips 66 and the sale of older crude oil tanker vessels
- Fixed rate charter backlog of approximately $3.4 billion
Selected key financial data
| |
Three Months Ended |
| |
|
Jun 30, 2017 |
Mar 31, 2017 |
| Long term charter revenues(1) |
|
$138 million |
$135 million |
| Short term charters and profit share income(2) |
|
$12 million |
$17 million |
| Total charter revenues(1)(2) |
|
$150 million |
$152 million |
| Adjusted EBITDA(3) |
|
$118 million |
$119 million |
| Net Income |
|
$20 million |
$32 million |
| Earnings per share |
|
$0.22 |
$0.35 |
Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "In light of the pending financial restructuring in Seadrill and also a softer tanker market, the Board has adjusted the dividend to $0.35 per share this quarter. We believe this is a prudent action that resets our dividend to a more sustainable level going forward. Today's declaration brings total accumulated dividends to more than $23 per share since 2004 and we have a large, diversified fleet of 70 vessels and rigs in operation, a significant charter backlog, and remain in a very strong financial position."
