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2014-05-27

Ship Finance International Limited: SFL - First Quarter 2014 Results

Ship Finance International Limited (NYSE: SFL) - Earnings Release

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Reports preliminary 1Q 2014 results and increased quarterly dividend of $0.41
per share

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Hamilton, Bermuda, May 27, 2014. Ship Finance International Limited ("Ship
Finance" or the "Company") today announced its preliminary financial results
for the quarter ended March 31, 2014.

Highlights

* Increased first quarter dividend of $0.41 per share
* $11.7 million accumulated in cash sweep from Frontline
* Delivery of the drilling rig West Linus and commencement of long-term
charter
* Acquisition of nine container vessels in combination with long-term
charters
* Acquisition of two 82,000 dwt dry-bulk carriers in combination with
long-term charters
* Secured long term contracts for four 8,700 TEU container vessels under
construction
* Raised approximately $150 million of senior unsecured bonds
* Received $15 million in partial settlement for early termination of
charters and unpaid charter hire
* Selected key financial data:

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|Three Months Ended |
| Mar 31, 2014 Dec 31, 2013 |
|Charter revenues(1) $160m $152m |
|EBITDA(2) $130m $114m |
|Net income $ 41m $ 18m |
|Earnings per share $0.44 $0.20 |
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Dividends and Results for the Quarter Ended March 31, 2014

The Board of Directors has declared an increased quarterly cash dividend of
$0.41 per share, and Ship Finance has now declared dividends for 41
consecutive quarters. The dividend will be paid on or about June 30, 2014 to
shareholders of record as of June 12, 2014. The ex-dividend date will be June
10, 2014.

The Company reported total U.S. GAAP operating revenues on a consolidated
basis of $82.7 million, or $0.89 per share, in the first quarter of 2014.
This number excludes $11.2 million of revenues classified as 'repayment of
investments in finance lease', and also excludes $67.1 million of charter
revenues earned by assets classified as 'investment in associate'.

The cash sweep agreement with Frontline had a positive effect of $11.7
million, or $0.13 per share in the quarter. The cash sweep for the full year
2014 will be payable in March 2015. There was also a $0.5 million profit
share in the quarter relating to four Handysize dry-bulk carriers.

Reported net operating income pursuant to U.S. GAAP for the quarter was $46.6
million, or $0.50 per share, and reported net income was $40.7 million, or
$0.44 per share. This includes approximately $1.0 million of non-cash expense
of theoretical equity cost relating to one of our convertible bonds and $10.2
million book gain related to early termination of charters.

Ole B. Hjertaker, Chief Executive Officer of Ship Finance Management AS said in a comment: "We continue building the asset base and charter backlog across our core business segments. We have significant capital available for new transactions and our objective is to continue building the long-term distributable cash flow."

The full report can be found in the link below.

Questions can be directed to Ship Finance Management AS:

Investor and Analyst Contact:

Harald Gurvin, Chief Financial Officer: +47 23114009
Magnus T. Valeberg, Senior Vice President: +47 23114012

Media Contact:

Ole B. Hjertaker, Chief Executive Officer: +47 23114011

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
charters.

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 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.

First Quarter 2014 Results
http://hugin.info/134876/R/1788772/614659.pdf

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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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