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Ship Finance International Ltd News

24 Nov 2015

Frontline Reports Strongest 3Q

* Frontline achieved net income attributable to the Company of $17.4 million, or $0.09 per share, for the third quarter of 2015 and net income attributable to the Company of $65.9 million, or $0.42 per share, for the nine months ended September 30, 2015. * The long-term charters for the 1995-built Suezmax tankers, Front Glory and Front Splendour, were terminated in September and October, respectively. The Company received compensation payments of $2.2 million and $1.3 million, respectively, for the termination of the charters. * In November, the Company agreed to terminate the long-term charter for the 1998-built Suezmax tanker, Mindanao. The charter is expected to terminate in the fourth quarter of 2015.

27 Apr 2015

Golden Ocean Reshuffles Fleet, Delays Newbuilds

Golden Ocean Group Limited has entered into several agreements concerning its fleet. Golden Ocean has agreed with Ship Finance International Ltd ("Ship Finance") a sale leaseback transaction of eight Capesize vessels currently owned by Golden Ocean. The vessels are named Golden Beijing, Golden Zhoushan, Golden Magnum, Battersea, Belgravia, Golden Zheijang, Golden Future and KSL China and were built in Korea and China between 2009 and 2013. The total acquisition price will be $272 million, or $34 million average per vessel. The vessels are expected to be delivered to Ship Finance within July 2015, subject to customary closing conditions. The vessels will be chartered on time-charter basis to a subsidiary of Golden Ocean for a period of 10 years.

03 Jul 2006

Ship Finance Buys Oil Drill, Tanker

The AP has reported that Ship Finance International Ltd., which operates a fleet of about 50 crude oil tankers, said it bought a 2006 jack-up drilling rig for $210m and a 1997 Panamax crude carrier for $28.4m. Bermuda-based Ship Finance bought the jack-up rig, called SeaDrill 3, from SeaDrill III Ltd. Ship Finance chartered the rig back to SeaDrill III for 15 years. Under the contract, Ship Finance will receive a charter hire for $112,500 a day for the first three years of the lease, $51,000 a day for years four through seven, $43,500 for years eight and nine, and $40,000 a day for years 10 through 15. The contract also calls for Ship Finance to receive a 5 percent cut of the rig's profits after the third year if certain goals are met.

12 Jan 2006

Ship Finance Buys $185M Oil Rig

Bermuda-based Ship Finance International Ltd. agreed to buy an oil rig for $185 million from Sweden-based Consafe Offshore AB and lease it back to the offshore oil and gas company for 30 years. Consafe has the right to purchase the rig back after 10 years, Ship Finance said. Ship Finance -- which owns most of the oil tankers operated by Bermuda-based tanker company Frontline Ltd. -- will assume ownership of the rig this quarter, after upgrades are made to the rig. Ship Finance's fleets are managed by Frontline Management, the parent company of Frontline Ltd. (Source: www.banknet360.com)