SFL First Quarter 2011 Results

Press Release
Tuesday, May 24, 2011

Reports preliminary 1Q 2011 results and increased quarterly dividend of $0.39 per share
Hamilton, Bermuda, May 23, 2011. Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended March 31, 2011.
•    The Board of Directors declared an increased quarterly dividend of $0.39 per share.
•    Net income for the quarter was $32.1 million, or $0.41 per share, including an accrued profit share in the first quarter of $2.3 million, or $0.03 per share.
•    In February 2011, the Company acquired a 2007-built jack-up drilling rig in combination with a seven-year bareboat charter back to the seller.
•    In February 2011, the Company successfully completed an offering of $125 million in senior unsecured convertible notes due 2016.
•    In March and April 2011, the Company took delivery of two 2010-built 13,800 teu container vessels with 15-year time charters.
•    In April 2011, the Company contracted four newbuilding 4,800 teu container vessels for delivery in 2013. The vessels have already been chartered out for seven years from delivery.
•    The Company continues its conservative financing profile and has already extended the maturity on a vessel financing due in 2012 for another six years at attractive terms.
Dividends and Results for the Quarter ended March 31, 2011
The Board of Directors has declared an increased quarterly cash dividend of $0.39 per share. Ship Finance has now paid a quarterly dividend for 29 quarters, and this is the fifth consecutive dividend increase. The dividend will be paid on or about June 29, 2011 to shareholders of record as of June 9, 2011. The ex-dividend date will be June 7, 2011.
The profit share accrued in the first quarter was $2.3 million, or $0.03 per share, compared to $2.0 million, or $0.03 per share in the fourth quarter of 2010. The profit share is below the historical average as a result of a continued soft tanker spot market in the first quarter.
The Company reported total U.S. GAAP operating revenues on a consolidated basis of $72.0 million, or $0.91 per share, in the first quarter of 2011. This number excludes $26.3 million of charter hire classified as 'repayment of investments in finance lease', and also excludes $93.8 million of charter revenues earned by assets classified as 'investment in associate'.
Reported net operating income pursuant to U.S. GAAP for the quarter was $38.1 million, or $0.48 per share, and reported net income was $32.1 million, or $0.41 per share.

Source: SFL

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