Press release from Ship Finance International Limited - 18.06.2013
Press Release from Ship Finance International Limited, June 18, 2013
Ship Finance International Limited ("Ship Finance" or the "Company") (NYSE: SFL) today announced the pricing of its previously announced underwritten public offering of 8,000,000 common shares. The common shares are being offered pursuant to the Company's effective shelf registration statement. The Company intends to use the net proceeds of this offering to invest in new assets within the shipping and offshore sectors and for general corporate purposes, including working capital.
Morgan Stanley is acting as the sole book-running manager for the offering. The Company expects to close the sale of the common shares on June 21, 2013, subject to customary closing conditions. The common shares purchased by the underwriter are expected to be offered for resale from time to time in negotiated transactions or otherwise, on the New York Stock Exchange at market prices prevailing at the time of sale, at prices related to such prevailing market prices or otherwise. On June 17, 2013, the closing price of the Company's common shares on the New York Stock Exchange was $17.31 per share.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering is being made only by means of a prospectus and related prospectus supplement. A prospectus supplement related to the offering will be filed with the Securities and Exchange Commission. When available, copies of the prospectus and prospectus supplement relating to the offering may be obtained from the offices of Morgan Stanley at 180 Varick Street, Second Floor, New York, New York 10014, Attention: Prospectus Delivery Department or by email at firstname.lastname@example.org.
The Board of Directors Ship Finance International Limited Hamilton, Bermuda
About Ship Finance
Ship Finance is a leading ship-owning company listed on the New York Stock Exchange under the symbol "SFL". Ship Finance owns or operates 61 vessels and drilling units across the tanker, drybulk, car carrier, container and offshore sectors. In the tanker and drybulk sectors it owns and operates 24 crude-oil tankers, 12 drybulk carriers and two chemical tankers. In the container and car-carrier sectors it owns and operates nine container vessels and two car carriers; Ship Finance also charters-in two container vessels. In the offshore sector it owns and operates six offshore supply vessels, one jack-up drilling rig and three ultra deepwater drilling units. In addition to the operating fleet, Ship Finance has entered into agreements for the construction of four 4,800 TEU container vessels that are scheduled to be delivered in 2013 and in 2014, and four 8,700 TEU newbuilding container vessels that are scheduled to be delivered in 2014 and 2015. The fleet is one of the largest in the world and most of the vessels and offshore drilling units are employed under long-term charters with terms of one year or greater. More information may be found on Ship Finance's website: www.shipfinance.org
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 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 Ship Finance'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 Ship Finance'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 Ship Finance with the Securities and Exchange Commission.