Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or "the Company") today announced that Seadrill Ltd. ("Seadrill") has exercised a purchase option for the jack-up drilling rig West Ceres in combination with a sale of the rig to an unrelated third party.

The Company acquired the drilling rig in 2006 from Seadrill in combination with a 15-year bareboat charter back, where Seadrill also was granted certain purchase options, first time in 2009. The pre-agreed option price for the West Ceres is $135.5 million and net cash proceeds to the Company will be approximately $40 million after prepayment of the outstanding loan. The sale will be neutral with respect to book gain/loss on sale of assets.

The Company also refers to the announcement of the first quarter 2009 dividend payable in cash or, at the shareholders request, in newly issued common shares on or about July 6, 2009.

Shareholders beneficially owning approximately 47% of our outstanding shares have elected to receive 0.0265 common shares for each share held, and approximately 0.9 million new common shares will be issued as a result of such elections. The remaining shareholders will receive a cash dividend payment of $0.30 per share.

Any questions relating to the dividend payment should be directed to your broker, bank, or other nominee, or alternatively to BNY Mellon, our transfer agent:

 U.S. Toll Free: 1-800-301-3489 International: +1 201 680 6578 http://www.melloninvestor.com July 3, 2009 The Board of Directors Ship Finance International Limited Hamilton, Bermuda Contact Persons: Ole B. Hjertaker: Chief Executive Officer, Ship Finance Management AS +47 2311 4011 / +47 9014 1243 Magnus T. Valeberg: Vice President, Ship Finance Management AS +47 2311 4012 / +47 9344 0960 

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 67 vessels, including 33 crude oil tankers (VLCC and Suezmax), two chemical tankers, eight oil/bulk/ore vessels, one dry-bulk carrier, 13 container vessels, six offshore supply vessels, one jack-up drilling rigs and three ultra-deepwater drilling units. 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 world wide 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 was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Copyright Copyright Hugin AS 2009. All rights reserved.

SOURCE: Ship Finance International Limited

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