SFL - Sale of two newbuilding Suezmax vessels at record high prices

HAMILTON, BERMUDA, Jul 31 (MARKET WIRE) --

Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or the
"Company"), today announced that it has entered into an agreement to sell
two newbuilding Suezmax crude oil tankers, currently under construction
in China. Scheduled delivery from the shipyard is in 2009, and delivery
to the new owner will take place immediately after delivery from the
shipyard.

The gross sales price per vessel has been agreed to $111 million, and net
of construction costs and broker commissions we expect to recognize a
book profit of approximately $68 million ($0.94 per share), or
approximately $34 million per vessel upon delivery to the new owner.

Lars Solbakken, Chief Executive Officer in Ship Finance Management AS,
said in a comment: "We are pleased to announce this very profitable sale
of two newbuildings which we ordered without long term employment two
years ago. The sale is consistent with our strategy to maximize returns
for our shareholders, and we will book a profit of approximately $68
million on a very moderate equity investment in this project. We see
significant growth opportunities across our target segments, and the net
proceeds from this sale will be redeployed as equity in new accretive
projects that we expect will increase our long-term dividend capacity."

July 31, 2008
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda

Contact Persons:
Lars Solbakken: Chief Executive Officer, Ship Finance Management AS
+47 2311 4006 / +47 9119 8844

Ole B. Hjertaker: Chief Financial Officer, Ship Finance Management AS
+47 2311 4011 / +47 9014 1243

About Ship Finance

Ship Finance is a major ship owning company listed on the New York Stock
Exchange (NYSE: SFL). Including newbuildings and announced acquisitions,
the Company has a fleet of 71 vessels, including 33 crude oil tankers
(VLCC and Suezmax), 2 chemical tankers, 8 oil/bulk/ore vessels, 13
container vessels, 3 dry bulk carriers, 6 offshore supply vessels and 3
seismic vessels, 2 jack-up drilling rigs and one ultra-deepwater
drillship. 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.

Copyright Copyright Hugin AS 2008. All
rights reserved.

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