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Ship Finance International Limited: SFL - Acquisition of two 82,000 dwt dry-bulk carriers and long-term charters for 8,700 teu container vessels

Press release from Ship Finance International Limited, May 23, 2014.

Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or the
"Company") today announced the agreement to acquire two 82,000 dwt Kamsarmax
dry-bulk carriers built in 2012, in combination with long-term time-charters
to a state-owned Chinese charterer.

The vessels are expected to be delivered to SFL within the next two months,
and the aggregate annual EBITDA contribution from the vessels is estimated to
approximately $7 million on average during the 8-year charter period.

The Company is also pleased to announce long-term time-charters for four 8,700
teu newbuilding container vessels, currently under construction in Korea. The
charterer will be a large, European-based container line, and the charter
period will be seven years from delivery of each vessel. The estimated annual
EBITDA contribution from the vessels is approximately $46 million in

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "We
are pleased to announce acquisitions and long-term charters to top quality
counterparties that will continue to build our long-term distribution
capacity. The container vessels under construction are currently ahead of
schedule, and the charter-rate is reflective of the very high specifications
including the latest in eco-design features."

The Board of Directors

Ship Finance International Limited

Hamilton, Bermuda

Questions could be directed to:

Ole B. Hjertaker, Chief Executive Officer, Ship Finance Management AS
+47 23114011

Magnus T. Valeberg, Senior Vice President, Ship Finance Management AS
+47 23114012

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 73
vessels, including 22 crude oil tankers (VLCC and Suezmax), two chemical
tankers, 14 drybulk carriers (including two acquisitions), 24 container
vessels (including four newbuildings), two car carriers, six offshore supply
vessels, two jack-up drilling rigs, two ultra-deepwater semi-submersible
drilling rigs and one ultra-deepwater drillship. The fleet is one of the
largest in the world and most of the vessels are employed on long-term

More information can be found on the Company's website:

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

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.


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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