SFL – Appointment of Chief Executive Officer

Press release from Ship Finance International Limited June 23, 2009
Ship Finance International Limited (“Ship Finance” or the “Company”) has employed Ole B. Hjertaker as the new Chief Executive Officer (“CEO”) of its management company. He is currently serving as Chief Financial Officer (“CFO”) of the Company, and will assume his new role with effect from July 1, 2009.
Mr. Hjertaker has been in his current capacity with the Company since 2006. His prior experience includes 12 years as a corporate and investment banker, mainly within the Maritime/Transportation industries, and he holds a Master of Science degree from the Norwegian School of Economics and Business Administration.
Chairman in Ship Finance, Mr. Hans Petter Aas said in a comment: “We are very pleased to announce that Mr. Hjertaker has been appointed CEO for Ship Finance. He has, during the three year period as CFO, demonstrated a strong ability to identify and develop new business opportunities for the Company. Mr. Hjertaker has also taken an active part in developing a very competent management team to run Ship Finance, and we believe the Company is very well positioned with a substantial asset base and strong capital structure.”
June 23, 2009
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, the Company has a fleet of 68 vessels, including 33 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, two 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.
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.