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2016-02-19

Ship Finance International Limited: SFL - Sale of older offshore supply vessel

Press release from Ship Finance International Limited, February 19, 2016

Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or the
"Company"), today announced that it has agreed to sell the 1999-built
offshore supply vessel"Sea Bear"
to an unrelated third party. The Company has simultaneously agreed to
terminate the corresponding charter party with a subsidiary of Deep Sea
Supply Plc. ("Deep Sea").

The vessel is expected to be delivered to the new owner in the first quarter
of 2016. Ship Finance will receive total proceeds of approximately $20
million, as a combination of cash sales proceeds and amortizing notes from
Deep Sea as compensation for the cancellation of the charter. The notes will
be senior unsecured with an interest rate of 7.25% and have a tenor of six
years. The Company expects to record an impairment of approximately $8
million in the fourth quarter 2015 relating to the sale.

Divesting of older vessels is a part of the Company's strategy to renew and
diversify the fleet. Following this sale, the number of offshore supply
vessels will be reduced to five, all on long term charters to a subsidiary of
Deep Sea Supply BTG AS.

The Board of Directors

Ship Finance International Limited

Hamilton, Bermuda

Questions can be directed to Ship Finance Management AS:

Harald Gurvin, Chief Financial Officer: +47 23114009

André Reppen, Senior Vice President: +47 23114055

About Ship Finance

Ship Finance International Limited (NYSE: SFL) has an unprecedented track
record in the maritime and offshore industry, being consistently profitable
and paying dividends every quarter since 2004. The Company's diversified
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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