Ship Finance International Limited

May 24, 2013 08:05 ET

SFL - Adding four 8,700 TEU Newbuilding Container Vessels

HAMILTON, BERMUDA--(Marketwired - May 24, 2013) - Press release from Ship Finance International Limited, May 24, 2013

Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or the "Company") today announced that the Company has agreed to build four 8,700 TEU newbuilding container vessels at a major shipyard in Korea. The contract price is attractive and the vessels are scheduled to be delivered to us in 4Q 2014 and 1Q 2015.

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "We are very pleased to further expand our presence in the segment with these state-of-the-art containerships. The vessels will be built to very high specifications, and will include the latest in eco-design features giving them a very competitive operational performance. The vessels will be marketed for long-term charters, and we have already seen firm interest from leading container operators."

May 24, 2013

The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda

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 69 vessels, including 24 crude oil tankers (VLCC and Suezmax), two chemical tankers, 12 drybulk carriers, 19 container vessels, including eight newbuildings, six offshore supply vessels, one jack-up drilling rig, one ultra-deepwater drillship, two ultra-deepwater semi-submersible drilling rigs and two car carriers. 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.

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Ship Finance International Limited via Thomson Reuters ONE

[HUG#1704488]

Contact Information

  • Questions should be directed to:

    Investor and Analyst Contact:
    Harald Gurvin
    Chief Financial Officer
    Ship Finance Management AS
    +47 23114009

    Magnus T. Valeberg
    Senior Vice President
    Ship Finance Management AS
    +47 23114012

    Media Contact:
    Ole B. Hjertaker
    Chief Executive Officer
    Ship Finance Management AS
    +47 23114011