SFL - Share incentive program 2009 and correction relating to the 1Q09 dividend election

HAMILTON, BERMUDA, Jul 13 (MARKET WIRE) --

Press release from Ship Finance International Limited, July 13, 2009

Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or "the
Company") today announced that there will be an adjustment to the share
option awards to the Company's management team.

A total of 505,000 new options will be awarded to employees while all of
the 355,000 previously awarded options to employees will be cancelled.
The new options will be issued pursuant to the Company's Share Option
Scheme and will have a five-year term with a three-year vesting period.
The initial strike price will be equal to the weighted average share
price for the three trading days following the date of this announcement,
and the first options will be exercisable in July 2010.

The Company also refers to its press release dated July 3, 2009,
regarding elections concerning the first quarter 2009 stock dividend.
Due to a reporting error in the number of shareholders who elected to
receive the stock dividend, this figure is higher than previously
communicated. Fifty-two percent (52%) of our shareholders elected to
receive shares in lieu of a cash dividend, and the correct number of new
shares issued is approximately 1.0 million. Accordingly, the cash
dividend paid was then reduced to approximately $10.7 million.

July 13, 2009
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda

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.

Contact Persons:
Ole B. Hjertaker:
Chief Executive Officer
Ship Finance Management AS
+47 23114011 / +47 90141243

Magnus T. Valeberg:
Vice President
Ship Finance Management AS
+47 23114012 / +47 93440960

Copyright 2009, Market Wire, All rights reserved.

-0-