Reports preliminary Q4 2017 results and quarterly cash dividend of $0.35 per share

Hamilton, Bermuda - Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended December 31, 2017.

Highlights

  • Declaration of fourth quarter dividend of $0.35 per share, the Company's 56th consecutive quarterly dividend
  • Improving market conditions led to first profit share income from eight Capesize dry bulk carriers on long term charters
  • Net income of $20 million and $152 million of total charter revenues for the fourth quarter
  • Continued renewal of the fleet with the divestment of an older crude oil tanker vessel
  • Strengthened balance sheet with early conversion of $121 million of convertible notes and redemption of remaining $63 million
  • In February 2018, Seadrill Limited announced a global settlement in its Chapter 11 cases. The recent amendments do not result in any changes to terms affecting Ship Finance

Selected key financial data

Three Months Ended
Dec 31, 2017 Sep 30, 2017
Long term charter revenues(1) $139 million $133 million
Short term charters(2) $13 million $17 million
Total charter revenues(1)(2) $152 million $150 million
Adjusted EBITDA(3) $117 million $115 million
Net Income $20 million $29 million
Earnings per share 0.2 0.31

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "We have continued to take proactive measures to strengthen our balance sheet through the early conversion of a large portion of our convertible notes in the fourth quarter and the redemption of the remainder at maturity subsequent to quarter end. This significantly enhances our financial profile, allowing us to further our focus on growth. We have been actively evaluating investment opportunities and expect to see new projects materialize later this year."

Dividends and Results for the Quarter Ended December 31, 2017

The Board of Directors has declared a quarterly cash dividend of $0.35 per share. The dividend will be paid on or around March 27 to shareholders on record as of March 19, and the ex-dividend date on the New York Stock Exchange will be March 16, 2018.