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2015-12-18

Ship Finance International Limited: SFL - Acquisition of two 114,000 dwt product tankers in combination with long term charters

Press release from Ship Finance International Limited, December 18, 2015.

Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or the
"Company"), today announced that the Company has agreed to build two 114,000
dwt LR2 oil product carriers at a shipyard in Korea. The vessels are
scheduled to be delivered during the second half of 2017 and will thereafter
commence long term time-charters to a US based investment-grade energy
company.

The charter period will be minimum seven years with options to extend the
charter period by up to two years, and the aggregate annual EBITDA
contribution from the vessels is estimated to approximately $11 million on
average during the firm period of the charter.

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "We
are very pleased to further expand our presence in the tanker market with
long term time-charters to one of the leading oil majors. The transaction
demonstrates our standing in the market as a high quality provider of
transportation services for our customers, and we continue building our fleet
and charter backlog with accretive acquisitions."

The Board of Directors

Ship Finance International Limited

Hamilton, Bermuda

About Ship Finance

Ship Finance International Limited (NYSE: SFL) has an unprecedented track
record in the maritime industry, being consistently profitable and paying
dividends every quarter since 2004. The Company's fleet of more than 70
vessels is split between tankers, bulkers, container vessels and offshore
assets, and Ship Finance's long term distribution capacity is supported by a
portfolio of long term charters and significant growth in the asset base over
time.

More information can be found on the Company's website: www.shipfinance.bm

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 worldwide 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.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ship Finance International Limited via Globenewswire

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