d835319_6-k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES
EXCHANGE ACT OF 1934
For
the
month of December 2007
Commission
File Number: 0-22704
|
Ship
Finance International Limited
|
|
(Translation
of registrant’s name into English)
|
| |
|
Par-la-Ville
Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda
|
|
(Address
of principal executive office)
|
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form
20-F
[X] Form 40-F
[ ]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)7: ___
Indicate
by check mark whether the registrant by furnishing the information contained
in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes
[_] No [X]
If
“Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
82-______________.
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Attached
as Exhibit 1 is a copy of the press release of Ship Finance International
Limited (the “Company”) dated December 4, 2007, announcing that the Company has agreed
to sell its
two remaining double sided suezmax tankers.
Exhibit
1
SFL
– Sale of two non-double hull Suezmax tankers
Press
release from Ship Finance International Limited December 4,
2007
Ship
Finance International Limited (NYSE:SFL) (“Ship Finance” or the “Company”),
today announced the agreement to sell its two remaining suezmax tankers with
double sides but only single bottom.
Front
Birch and Front Maple (both vessels built in 1991) are sold to
unrelated third parties, and deliveries to the new owners are expected to take
place in December and January. Net sales price is agreed to $80.0 million for
the two vessels, and Ship Finance will receive a net amount of approximately
$47.2 million, after compensation of approximately $32.8 million to Frontline
for the termination of the current charters on the two vessels.
There
are
currently approximately $10.7 million in loans outstanding against the vessels,
and the net cash effect to Ship Finance from the transactions is estimated
to be
approximately $36.5 million. The aggregate book profit is estimated to
approximately $13.0 million, of which $6.6 million is expected to be recognized
in 4Q 2007 and $6.4 million in 1Q 2008.
Following
these sales, and excluding one vessel previously announced sold on hire/purchase
terms, there will be only seven crude oil tankers without double hull remaining
in our fleet. This is down from 18 vessels in 2006, and Frontline has secured
profitable sub-charters for all the remaining non-double hull
vessels.
The
reduction of the number of vessels without double hull is in line with the
Company’s strategy to focus on modern assets in various shipping and offshore
segments. The cash proceeds from the sales are intended to be re-invested as
equity contribution in new projects.
December
4, 2007
The
Board
of Directors
Ship
Finance International Limited
Hamilton,
Bermuda
Contact
Persons:
Lars
Solbakken: Chief Executive Officer, Ship Finance Management AS
+47
2311
4006 / +47 9119 8844
Ole
B.
Hjertaker: Chief Financial Officer, Ship Finance Management AS
+47
2311
4011 / +47 9014 1243
About
Ship Finance
Ship
Finance is a major ship owning company listed on the New York Stock Exchange
(NYSE: SFL). Including newbuildings and announced acquisitions, Ship Finance
has
a fleet consisting of 71 vessels, including 35 crude oil tankers (VLCC and
Suezmax), 8 oil/bulk/ore vessels, 13 container vessels, 3 dry bulk carriers,
2
jack-up drilling rigs and 7 offshore supply vessels and 3 seismic vessels.
The
fleet is one of the largest in the world with a total cargo capacity of more
than 11 million dwt. and most of the vessels are employed on medium or long
term
charters.
More
information can be found on the Company’s website:
www.shipfinance.org
Cautionary
Statement Regarding Forward Looking Statements
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 Ship Finance 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 the Company'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 world wide
oil
consumption and storage, changes in the Company'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 the Company with the United States Securities and Exchange
Commission.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Ship Finance International Limited
Dated: December
4,
2007 By:
/s/ Lars
Solbakken
Name: Lars
Solbakken
Title: Chief
Executive Officer
Ship Finance Management AS
SK
23153 0001
835319