SFL 1Q 2009 Results

Wednesday, May 27, 2009

Ship Finance International Limited announced its preliminary financial results for the quarter ended March 31, 2009.

The Board of Directors has declared a quarterly dividend of $0.30 per share in cash or, at the election of the shareholder, payable in newly issued common shares. The dividend will be paid on or about July 6, 2009 to shareholders of record as of May 27, 2009. The ex-dividend date will be May 22, 2009.

Shareholders may make an election to receive the dividend in newly issued common shares after reviewing a prospectus supplement relating to the dividend payment which will be filed with the U.S. Securities and Exchange Commission ("SEC"). The number of common shares to be issued as dividend will be set based on the volume-weighted average price of the shares on the New York Stock Exchange during the three trading days prior to the ex-dividend date, less a 5% discount.

The company's largest shareholders, Farahead Investments Inc. and Hemen Holding Ltd., who collectively own 42.4 % of the shares and are indirectly controlled by Mr. John Fredriksen, have informed the company that they would like to receive all of their dividends in the form of newly issued common shares.

The company reported total operating revenues of $96.8 million, or $1.33 per share, in the first quarter of 2009. This number does not include revenues in subsidiaries classified as 'investment in associate'. Net operating income for the quarter was $62.6 million, or $0.86 per share, and reported net income was $42.7 million, or $0.59 per share.

The profit share accrued in the first quarter was $14.5 million, or $0.20 per share, compared to $15.7 million in the fourth quarter of 2008.

The change in fair value of the Company's bond and equity swap agreements resulted in a $7.3 million negative non- cash mark-to-market adjustment.

Under US GAAP, the 100% owned ultra-deepwater drilling units West Polaris, West Hercules and West Taurus and the Panamax dry bulk vessel Golden Shadow are accounted for as 'investment in associate'. Consequently, only the aggregate 'net income' from these vessel owning subsidiaries are recognized in the consolidated income statement of Ship Finance as 'results in associate'.

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