SFL - Seadrill exercising a purchase option for West Ceres and 1Q09
dividend information>
SFL - Seadrill exercising a purchase option for West Ceres and 1Q09 dividend information
(Thomson Reuters ONE) - Press release from Ship Finance International Limited, July 3, 2009Ship Finance International Limited (NYSE:SFL) ("Ship Finance" or "theCompany") today announced that Seadrill Ltd. ("Seadrill") hasexercised a purchase option for the jack-up drilling rig West Ceresin combination with a sale of the rig to an unrelated third party.The Company acquired the drilling rig in 2006 from Seadrill incombination with a 15-year bareboat charter back, where Seadrill alsowas granted certain purchase options, first time in 2009. Thepre-agreed option price for the West Ceres is $135.5 million and netcash proceeds to the Company will be approximately $40 million afterprepayment of the outstanding loan. The sale will be neutral withrespect to book gain/loss on sale of assets.The Company also refers to the announcement of the first quarter 2009dividend payable in cash or, at the shareholders request, in newlyissued common shares on or about July 6, 2009.Shareholders beneficially owning approximately 47% of our outstandingshares have elected to receive 0.0265 common shares for each shareheld, and approximately 0.9 million new common shares will be issuedas a result of such elections. The remaining shareholders willreceive a cash dividend payment of $0.30 per share.Any questions relating to the dividend payment should be directed toyour broker, bank, or other nominee, or alternatively to BNY Mellon,our transfer agent:U.S. Toll Free: 1-800-301-3489International: +1 201 680 6578http://www.melloninvestor.comJuly 3, 2009The Board of DirectorsShip Finance International LimitedHamilton, BermudaContact Persons:Ole B. Hjertaker: Chief Executive Officer, Ship Finance Management AS+47 2311 4011 / +47 9014 1243Magnus T. Valeberg: Vice President, Ship Finance Management AS+47 2311 4012 / +47 9344 0960About Ship FinanceShip Finance is a major ship owning company listed on the New YorkStock Exchange (NYSE: SFL). Including newbuildings, the Company has afleet of 67 vessels, including 33 crude oil tankers (VLCC andSuezmax), two chemical tankers, eight oil/bulk/ore vessels, onedry-bulk carrier, 13 container vessels, six offshore supply vessels,one jack-up drilling rigs and three ultra-deepwater drilling units.The fleet is one of the largest in the world and most of the vesselsare employed on long-term charters.More information can be found on the Company's website:www.shipfinance.orgCautionary Statement Regarding Forward Looking StatementsThis press release may contain forward looking statements. Thesestatements are based upon various assumptions, many of which arebased, in turn, upon further assumptions, including Ship Financemanagement's examination of historical operating trends. AlthoughShip Finance believes that these assumptions were reasonable whenmade, because assumptions are inherently subject to significantuncertainties and contingencies which are difficult or impossible topredict and are beyond its control, Ship Finance cannot giveassurance that it will achieve or accomplish these expectations,beliefs or intentions.Important factors that, in the Company's view, could cause actualresults to differ materially from those discussed in thispresentation include the strength of world economies and currencies,general market conditions including fluctuations in charter hirerates and vessel values, changes in demand in the tanker market as aresult of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in the Company's operatingexpenses including bunker prices, dry-docking and insurance costs,changes in governmental rules and regulations or actions taken byregulatory authorities, potential liability from pending or futurelitigation, general domestic and international political conditions,potential disruption of shipping routes due to accidents or politicalevents, and other important factors described from time to time inthe reports filed by the Company with the United States Securitiesand Exchange Commission.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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