Ship Finance International Limited (the “Company”) advises that the 2009 Annual General Meeting of the Company was held on September 25, 2009 at 12:00 noon at the Elbow Beach Hotel, 60 South Shore Road, Paget PG04, Bermuda. The following resolutions were passed:
1) To set the maximum number of Directors to be not more than eight.
2) That vacancies in the number of Directors be designated casual vacancies and that the Board of Directors be authorized to full such casual vacancies as and when it deems fit.
3) To re-elect Paul Leand Jr. as a Director of the Company.
4) To re-elect Kate Blankenship as a Director of the Company.
5) To re-elect Craig H. Stevenson, Jr., as a Director of the Company.
6) To re-elect Hans Petter Aas as a Director of the Company.
7) To re-elect Cecilie Fredriksen as a Director of the Company.
8) To appoint Moore Stephens, P.C. as auditors and to authorize the Directors to determine their remuneration.
9) That the remuneration payable to the Company’s Board of Directors of a total amount of fees not to exceed US$750,000.00 be approved for the year ended December 31, 2009
10) To reduce the share premium account of the Company from US$2,194,000.00 to nil, and to credit the amount resulting from the reduction to the Company’s Contributed Surplus account, with immediate effect.
In addition, the audited consolidated financial statements for Ship Finance International Limited for the year ended December 31, 2008 were presented to the Meeting.
September 25, 2009
About Ship Finance
Ship Finance is a major ship owning company listed on the New York Stock Exchange (NYSE: SFL). Including newbuildings, the Company has a fleet of 66 vessels, including 32 crude oil tankers (VLCC and Suezmax), two chemical tankers, eight oil/bulk/ore vessels, one dry-bulk carrier, 13 container vessels, six offshore supply vessels, one jack-up drilling rigs and three ultra-deepwater drilling units. The fleet is one of the largest in the world and most of the vessels are employed on long-term charters. The Company has declared a cash dividend for 22 consecutive quarters.
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.