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Ship Finance International – Second Quarter 2014 Results

Ship Finance International Limited today announced its preliminary financial results for the quarter ended June 30, 2014.

Highlights
• Second quarter dividend of $0.41 per share
• $1.8 million accumulated in cash sweep from Frontline
• Increased charter rate on the drilling rig West Linus following commencement of sub-charter
• Delivery of two 82,000 dwt dry-bulk carriers in combination with long-term charters
• Agreement to sell three older VLCCs

Dividends and Results for the Quarter Ended June 30, 2014

The Board of Directors has declared a quarterly cash dividend of $0.41 per share, and Ship Finance has now declared dividends for 42 consecutive quarters. The dividend will be paid on or about September 30, 2014 to shareholders on record as of September 12, 2014. The ex-dividend date will be September 10, 2014.

The Company reported total U.S. GAAP operating revenues on a consolidated basis of $73.0 million, or $0.78 per share, in the second quarter of 2014. This number excludes $11.3 million of revenues classified as `repayment of investments in finance lease`, and also excludes $73.7 million of charter revenues earned by assets classified as `investment in associate`.

The cash sweep agreement with subsidiaries of Frontline had a positive effect of $1.8 million, or $0.02 per share in the quarter despite the soft tanker market in the quarter. The cash sweep for the full year 2014 will be payable in March 2015. There was also a $0.3 million profit share in the quarter relating to four Handysize dry-bulk carriers.
Reported net operating income pursuant to U.S. GAAP for the quarter was $30.8 million, or $0.33 per share, and reported net income was $22.4 million, or $0.24 per share. This includes approximately $1.0 million of non-cash expense of theoretical equity cost relating to one of our convertible bonds and $5.9 million of non-cash negative mark-to-market on interest rate swaps.

Ship Finance is a major ship owning company listed on the New York Stock Exchange (SFL). Including newbuildings and adjusted for the sale of assets, the Company will have a fleet of 70 vessels, including 19 crude oil tankers (VLCC and Suezmax), two chemical tankers, 14 drybulk carriers, 24 container vessels (including four newbuildings), two car carriers, six offshore supply vessels, two jack-up drilling rigs, 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.

Source: Ship Finance International

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