SFL - Completion of new agreement with Frontline Ltd.

Press release from Ship Finance International Limited, June 8, 2015.

Reference is made to the press release of May 29, 2015, announcing that Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or the "Company") had entered into a heads of agreement to amend the long-term chartering agreements with Frontline Ltd. ("Frontline").

The agreement is now completed, and Frontline has issued and delivered 55 million new shares to Ship Finance. The shares represent approximately 28% of the total number of issued and outstanding shares of Frontline.

The Frontline shares are listed in New York and Oslo, and Frontline has agreed to register the new shares for resale with the US Securities and Exchange Commission and the Norwegian Financial Supervisory Authority, respectively. The new shares will then be freely tradable for Ship Finance, and may be sold or distributed to the Company's shareholders at a later stage.

June 8, 2015

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 recent acquisitions, the Company will have a fleet of 72 vessels, including 19 crude oil tankers (VLCC and Suezmax), two chemical tankers, 22 dry bulk carriers (including 8 acquisitions), 17 container vessels, two car carriers, six offshore supply vessels, two jack-up drilling rigs and two ultra-deepwater semi-submersible drilling rigs. The fleet is one of the largest in the world and most of the vessels are employed on long-term charters. Ship Finance also owns approximately 28% in Frontline Ltd. (NYSE: FRO).

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.