Ship Finance International Ltd.: Acquisition and Sale/Leaseback Agreement

HAMILTON, Bermuda, July 3, 2006 (PRIMEZONE) — Ship Finance International Limited (“Ship Finance”) is pleased to advise the purchase of the 1997 built Panamax M/V Rainshadow for $28.4 million from Golden Ocean Group Limited (“Golden Ocean”).

The vessel is chartered back to the seller Golden Ocean for a period of ten years at a bareboat rate of $10,000 per day for the first five years and $8.250 per day for the remaining five years. The vessel is expected to be delivered in August 2006.

Throughout the charter party period Golden Ocean has been granted the options to purchase the vessel back from Ship Finance. At the termination of the charter, Ship Finance and Golden Ocean have agreed a put / call option at $10.4 million / $12.5 million, respectively.

 Ship Finance International Limited 
 July 3, 2006 
 Hamilton, Bermuda
CONTACT:  Ship Finance Management AS
          Lars Solbakken, Chief Executive Officer
          +47 23 11 40 00