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 March 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 99.1 is a copy of the press release of Ship Finance
International Limited (the "Company") dated January 8, 2007, announcing the
Company's sale of the single hull suezmax tanker the Front Transporter, and the
conversion of the of the single hull suezmax tanker, the Front Target, to a
heavy-lift vessel.
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: March 21, 2007 By /s/ Lars Solbakken
-------------------------------
Name: Lars Solbakken
Title: Chief Executive Officer
Ship Finance Management AS
Exhibit 99.1
SFL - Sale and conversion of Single Hull Tankers
Press release from Ship Finance International Limited January 8, 2007
Ship Finance International Limited (NYSE:SFL) ("Ship Finance" or the "Company"),
today announced that it has agreed to sell the single hull suezmax tanker Front
Transporter to an unrelated third party at a gross sales price of $38 million.
Frontline will receive a compensation payment of approximately $15.4 million for
the termination of the charter, and the Company expects the sale to generate a
small book profit. There are currently no loans relating to Front Transporter.
Delivery to the new owner is expected to take place in May or June 2007.
As announced by Frontline Ltd. ("Frontline") on December 13, 2006, the single
hull suezmax tanker Front Target will be converted to a heavy-lift vessel at
COSCO Shipyard in China. The conversion will begin in May 2007, and completion
is expected in August 2007. Ship Finance is currently in discussions with
Frontline to structure a new 10 year time-charter for the converted heavy-lift
vessel. The alternative is to sell the vessel to Frontline prior to conversion.
Following the sale and conversion, Ship Finance will have 14 single hull vessels
in the fleet, down from 18 vessels only three months ago. Including vessels
under construction and conversion, the Company's fleet will then consist of 59
vessels.
The announced sale and the heavy-lift conversion confirms the Board of
Director's strategy to diversify and grow the long-term charter business and
actively pursue alternatives for the Company's single hull tanker fleet.
January 8, 2007
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
Contact Person:
Lars Solbakken: Chief Executive Officer, Ship Finance Management AS
+47 2311 4006
Ole B. Hjertaker: Chief Financial Officer, Ship Finance Management AS
+47 2311 4011 / +47 9014 1243
SK 23153 0001 757832