Ship Finance International 4Q Dividend

Ship Finance International Limited (NYSE: SFL) refers to the announcement of the fourth quarter 2008 dividend payable in cash or, at the shareholders request, in newly issued common shares on or about April 17, 2009.

Shareholders beneficially owning approximately 55% of our outstanding shares have elected to receive 0.0528 common shares for each share held, and approximately 2.1 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.

Following this dividend payment, the total number of the Company's outstanding common shares will be approximately 74.8 million.

Including newbuildings, the Company has a fleet of 68 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, two jack-up drilling rigs and three ultra-deepwater drilling units.

(www.shipfinance.org)