Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or "the Company") refers to the second quarter report released on August 20, 2009 announcing a dividend of $0.30 per share. The Company's common shares are now trading ex-dividend on the New York Stock Exchange.

Pursuant to a prospectus supplement filed with the Securities and Exchange Commission ("SEC") on August 27, 2009, shareholders may elect to receive the dividend in the form of newly issued common shares of the Company. No action is required to be taken by shareholders who wish to receive a cash dividend.

Shareholders electing to be paid the dividend in newly issued common shares will receive 0.0233 common shares for each share held by such shareholder as of the record date of August 31, 2009. The calculation is based on the volume-weighted average shareprice of $13.54 on the New York Stock Exchange during the three trading days ending August 26, 2009, less a 5% discount. If all shareholders elect to receive common shares, the Company will issue up to 1.8 million new common shares.

Shareholders owning common shares registered in their own name as of August 31, 2009, will receive information by mail containing instructions on how to elect to receive the dividend in common shares. Shareholders beneficially owning common shares as of August 31, 2009, that were registered in the name of a broker, dealer or other nominee should contact the registered holder of such common shares and instruct such registered holder if they wish to receive the dividend in additional common shares. All shareholder elections must be received no later than 5:00 p.m., New York City time, on October 7, 2009.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Company's securities, nor will there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. The offering of the stock dividend is being made only pursuant to a prospectus supplement to the Company's unallocated shelf registration statement on Form F-3 (Registration No. 333-158162). The prospectus supplement was filed with the SEC on August 27, 2009. Shareholders are advised to refer to the prospectus supplement for additional information regarding the dividend.

Any questions relating to election of the dividend in common shares should be directed to your broker, bank, or other nominee, or alternatively to BNY Mellon, our transfer agent:

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