SFL – Fourth Quarter 2007 Results

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SFL – Fourth Quarter 2007 Results

Ship Finance International Limited (NYSE: SFL) – Earnings Release

Reports fourth quarter 2007 results and quarterly dividend of $0.55 per share

Ship Finance International Limited (“Ship Finance” or the “Company”) announces the financial results for the quarter ended December 31, 2007.

Highlights

Declared a quarterly cash dividend of $0.55 per share.

Reported net income for the quarter of $52.4 million or $0.72 per share, including profit share of $31.4 million or $0.43 per share.

$6.0 million or $0.08 per share non-cash negative adjustment in mark-to-market of interest rate swaps, due to lower interest rates at the end of the fourth quarter compared to the previous quarter.

Fixed-rate charter hire, excluding profit share contribution was $137.1 million, or $1.88 per share in the quarter.

Announced the sale of the single hull VLCC Front Duchess and the double-sided Suezmax tankers Front Birch and Front Maple. Net cash proceeds from the sales after debt prepayment and compensation to Frontline Ltd. (“Frontline”) is estimated to be approximately $58.0 million.

Six offshore supply vessels in operation by January 2008. All six vessels are employed on 12-year charters, representing a total charter backlog of $337 million as of December 31, 2007.

New 12-year charters for the 2005-built container vessels Sea Alfa and Sea Beta to an Asia-based regional liner company, increasing our fixed-rate charter backlog by $117 million.

Dividends and Results for the Quarter ended December 31, 2007

The Board of Directors has declared a cash dividend for the fourth quarter of $0.55 per share. The dividend will be paid on or about March 10, 2008 to shareholders of record as of February 26, 2008. The ex-dividend date will be February 22, 2008.

The Company reported total operating revenues of $122.3 million or $1.68 per share in the fourth quarter. Net operating income for the quarter was $91.5 million or $1.26 per share and net income was $52.4 million or $0.72 per share.

The profit share recorded in the fourth quarter was $31.4 million, or $0.43 per share, up from $5.5 million or $0.08 per share in the third quarter. This is a combination of $16.1 million, or $0.22 per share, accumulated in the quarter, and $15.2 million, or $0.21 per share, accumulated in the first quarter of 2007, but previously not recognized in our income statement.

The fixed-rate charter hire increased to $137.1 million, or $1.88 per share in the quarter, up from $132.8 million, or $1.83 per share in the third quarter. Net of operating expenses and general and administrative expenses in the fourth quarter, the contribution from the fixed-rate charters was $108.1 million, or $1.49 per share, compared to $105.4 million, or $1.45 per share in the third quarter. This excludes profit share contribution.

As the majority of the Company’s assets are accounted for as finance leases, a significant portion of the charter hire received does not appear in the Income Statement. These amounts are classified as ‘repayment of investment in finance leases’, and are only included in the Statement of Cashflows. For the fourth quarter, this amounted to $46.2 million or $0.64 per share.

For the complete report please see the link below.

February, 2008

The Board of Directors

Ship Finance International Limited

Hamilton, Bermuda

Questions should be directed to:

Lars Solbakken: Chief Executive Officer, Ship Finance Management AS

+47 23114006 / +47 91198844

Ole B. Hjertaker: Chief Financial Officer, Ship Finance Management AS

+47 23114011 / +47 90141243

4th quarter 2007 results

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