SFL - First Quarter 2019 Results

Ship Finance International Limited (NYSE: SFL)

Earnings Release

---

Reports preliminary Q1 2019 results and quarterly cash dividend of $0.35 per share

---

Hamilton, Bermuda, May 21, 2019. Ship Finance International Limited ("SFL" or the "Company") today announced its preliminary financial results for the quarter ended March 31, 2019.

Highlights

• 61^st consecutive quarterly dividend declared, $0.35 per share
• Reported net income of $33.6 million, or $0.31 per share for the first quarter
• Received charter hire of $160 million in the quarter from our vessels and rigs, including approximately $1 million of profit share from three VLCCs
• More than 60% of charter hire from vessels on time charters
• Added more than $170 million increase in contracted future charter hire in connection with charter extensions on existing vessels

Selected key data - Three months ended March 31, 2019

	Company	100% Owned
	Excluding 100% Owned	Associates
	Associates
Long term charter hire(1)	$111 million	$33 million
Short term charter hire(1)	$16 million	-
Total charter hire(1)	$127 million	$33 million
Adjusted EBIDTA(2)	$92 million	$33 million

Ole B. Hjertaker, CEO of SFL Management AS, said in a comment: "Our $3.8 billion fixed rate contracted charter backlog supports our continued ability to generate strong cash flows and pay dividends to our shareholders. We have already addressed most of the debt maturities until mid 2020 and secured new long term financings at very attractive terms.