SOURCE: Ship Finance International Limited

October 13, 2009 06:01 ET

SFL - Board of Directors 2009 share incentive program and 2Q-09 dividend information

HAMILTON, BERMUDA--(Marketwire - October 13, 2009) -

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

Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or "the Company") today announced that a total of 65,000 new options has been issued to the Company's Board of Directors.

The new options were issued pursuant to the Company's Share Option Scheme and have a five-year term with a three-year vesting period. The Chairman received 25,000 options and the other Directors received 10,000 each. The initial strike price is set to $13.00, and the first options will be exercisable in October 2010.

The Company also refers to the announcement of the second quarter 2009 dividend payable in cash or, at the shareholders request, in newly issued common shares on or about October 16, 2009.

Shareholders beneficially owning approximately 51% of our outstanding shares have elected to receive 0.0233 common shares for each share held, and approximately 0.9 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.

Any questions relating to the dividend payment should be directed to your broker, bank, or other nominee, or alternatively to BNY Mellon, our transfer agent:

U.S. Toll Free: 1-800-301-3489
International: +1 201 680 6578

October 13, 2009

The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda

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

Magnus T. Valeberg: Vice President, Ship Finance Management AS
+47 2311 4012 / +47 9344 0960

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 66 vessels, including 32 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. The Company has declared a cash dividend for 22 consecutive quarters.

More information can be found on the Company's website:

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.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Copyright © Hugin AS 2009. All rights reserved.

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