d819597_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 October 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)
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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 October 17, 2007, announcing that the Company has agreed
to sell the
single hull VLCC Front Duchess for net sales proceeds of $54.5
million.
Exhibit
1
SFL
– Sale of a single hull VLCC
Press
release from Ship Finance International Limited October 17,
2007
Ship
Finance International Limited (NYSE:SFL) (“Ship Finance” or the “Company”),
today announced that it is has agreed to sell the single hull VLCC Front Duchess
to an unrelated third party for net sales proceeds of $54.5
million.
Delivery
to the new owner is expected to take place in January/February 2008, and Ship
Finance will receive a net amount of approximately $29.1 million after
compensation of approximately $25.4 million to Frontline for the termination
of
the current charter.
At
the end of January 2008 there will be $7.2 million in loans outstanding against
the vessel, and the net cash effect to Ship Finance from the transaction is
estimated to be approximately $21.9 million. The book profit is estimated to
approximately $2.6 million, and will be recognized in the first quarter of
2008.
Following
this sale, and excluding one vessel previously announced sold on hire/purchase
terms, Ship Finance will have only 9 single hull crude oil tankers remaining
in
the fleet. This is down from 18 single hull vessels in 2006. Frontline has
secured profitable sub-charters for seven of the vessels, and only two are
traded in the spot market.
The
reduction of the single hull tanker exposure is in line with the Company’s
strategy of focusing on modern assets in various shipping and offshore segments.
The cash proceeds from the sale is intended to be re-invested as equity
contribution in new projects.
October
17, 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 vessel 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 37 crude oil tankers (VLCC and
Suezmax), 8 oil/bulk/ore vessels, 13 container vessels, 3 dry bulk carriers,
2
jack-up drilling rigs and 5 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 authorised.
Ship
Finance International Limited
Dated: October
17,
2007 By
/s/ Lars
Solbakken
Name: Lars
Solbakken
Title: Chief
Executive Officer
Ship
Finance Management AS