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2016-05-13

Ship Finance International Limited: SFL - Sale of older VLCC

Press release from Ship Finance International Limited, May 13, 2016.

Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or the
"Company"), today announced that it has agreed to sell the 1998 built
VLCCFront Vanguard
to an unrelated third party. Ship Finance has simultaneously agreed to
terminate the corresponding charter party for the 18-year old crude oil
carrier with a subsidiary of Frontline Ltd. ("Frontline").

The vessel is expected to be delivered to its new owner by the end of June,
and the net sales price is approximately $24 million, including a
compensation of $0.4 million from Frontline for the early termination of the
charter.

Divesting of older vessels is a part of the Company's strategy to renew and
diversify the fleet, and the proceeds are expected to be reinvested in new
assets. Following this sale, the number of vessels on charter to Frontline
will be reduced to 13 vessels, including 11 VLCCs and two Suezmax crude oil
tankers.

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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