SFL – Change in corporate management team

Press release from Ship Finance International Limited, March 12, 2012

Ship Finance International Limited (“Ship Finance” or the “Company”) announced today that Eirik Eide, who is currently employed as Chief Financial Officer (“CFO”) for Ship Finance Management AS, has submitted his notice of resignation and will leave the Company during the second quarter of 2012 to join another shipping company.

He will be succeeded by Mr. Harald Gurvin, who is currently employed as Senior Vice President of Ship Finance Management AS. Mr. Gurvin joined Ship Finance in July 2006, and has served as Senior Vice President since 2008.

Prior to joining Ship Finance, Mr. Gurvin spent 7 years with the global shipping group of Fortis Bank, focusing on shipping and offshore finance. He holds a Master of Science degree in Shipping, Trade and Finance from CASS Business School and a Master of Science degree in Marine Engineering and Naval Architecture from the Norwegian University of Science and Technology.

CEO of Ship Finance Management AS, Ole B. Hjertaker said in a comment: “We thank Mr. Eide for his valuable contribution to the Company and wish him the best of luck in his new endeavors. We are very pleased that Mr. Gurvin has accepted the role as the new CFO, which will ensure a smooth and effective transition.”

Ship Finance International Limited

March 12, 2012

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 69 vessels, including 25 crude oil tankers (VLCC and Suezmax), two chemical tankers, five oil/bulk/ore vessels, 12 drybulk carriers including two newbuildings, 15 container vessels including four newbuildings, 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.

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 worldwide 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.