SFL - Suspension of offering of Senior Secured Notes and termination
of tender offer for 8.5% Senior Notes Due 2013

Hamilton, Bermuda

Press release from Ship Finance International Limited, November 22, 2010

Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or the "Company") announced today that due to weakening market conditions in the debt capital markets, it will suspend its previously announced public offering of up to $400 million, aggregate principal amount, of Senior Unsecured Notes, due 2020.

Consequently, the Company also announced today that it has terminated its previously announced tender offer and consent solicitation for its outstanding 8.5% Senior Notes due December 15, 2013 (CUSIP No. 824689 AC 7 - ISIN No. US824689 AC 72) (the "Senior Notes"). None of the Senior Notes were purchased in the offer and any of the Senior Notes previously tendered will be promptly returned to their respective holders.

The Company launched the financing to opportunistically capitalize upon the strong market conditions in the debt capital markets by refinancing its existing Senior Notes early. There is still more than three years remaining until the Senior Notes are due and the Company currently has the option to call the Senior Notes on 30-day notice at 101.417%, reducing to 100% in December 15, 2011 and thereafter.

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 72 vessels, including 30 crude oil tankers (VLCC and Suezmax), two chemical tankers, eight oil/bulk/ore vessels, 13 drybulk carriers (including 11 newbuildings and one vessel agreed sold with expected delivery in December 2010), nine container vessels, six offshore supply vessels, one jack-up drilling rig, one ultra-deepwater drillship 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 International Limited