SFL – Acquisition of Newbuilding Contracts

Ship Finance International Limited (NYSE:SFL) (“Ship Finance” or the “Company”), today announced that it has assumed two newbuilding Suezmax tanker contracts from Frontline Limited (“Frontline”), an affiliated company. Frontline’s offer to the Company to assume these contracts was included in Ship Finance’s 2nd Quarter 2006 report.

The Suezmax vessels, of 153,000 dwt each, will be built at the Jiangsu Rongsheng Heavy Industries Group Co. Ltd. in China for delivery in 1Q09 and 3Q09.

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