HAMILTON, BERMUDA, Feb 05, 2010 (MARKETWIRE via COMTEX) -- Press release from Ship Finance International Limited, February 5, 2010
Ship Finance International Limited /quotes/comstock/13*!sfl/quotes/nls/sfl (SFL 13.89, -0.13, -0.95%) ("Ship Finance" or the "Company"), today announced that it has sold the 1998-built VLCC Front Vista to a subsidiary of Frontline Ltd. ("Frontline") for total sales proceeds of $58.5 million.
Frontline has concurrently agreed to sell the vessel to an undisclosed third party with settlement by way of installments. This transaction is linked to a 10-year time charter to a state-owned oil company.
Ship Finance will receive net proceeds of approximately $22.1 million after prepayment of associated debt. The sale is expected to result in a book gain on sale of assets of approximately $1.8 million.
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