SOURCE: Ship Finance International Limited

August 07, 2008 13:17 ET

SFL - Employment of Commercial Director

Press Release From Ship Finance International Limited, August 7, 2008

HAMILTON, NORWAY--(Marketwire - August 7, 2008) - Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or the "Company") has employed Peter Lund as Commercial Director. He is expected to take up his position with Ship Finance in September 2008, and will be based in a newly established office in Singapore.

Mr. Lund is currently head of Maersk Brokers in Singapore, and has worked 15 years in the AP Moller group of companies in different geographic locations. He holds a Masters degree in Law from the University of Copenhagen.

Lars Solbakken, Chief Executive Officer in Ship Finance Management AS, said in a comment: "We are very pleased to have recruited Mr. Lund to become the new Commercial Director of our company. His broad international shipping background and detailed knowledge of several of our target segments will be very valuable for us as we continue our growth and diversification. We also expect that our new office in Singapore will increase our business volume in Asia."

August 7, 2008
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 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 © Hugin AS 2008. All rights reserved.

Contact Information

  • 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