Ship Finance International Announces Sale of Vessel and Charter Termination Compensation from Frontline

Ship Finance International Limited

, today announced that it has agreed to sell the 20-year old combination carrier Front Rider to an unrelated third party and has simultaneously agreed to terminate the corresponding charter party with a subsidiary of Frontline Ltd.

. Delivery to the new owner is expected to be in July 2012 and Ship Finance expects to receive net proceeds of approximately $10.2 million including a $0.5 million charter termination compensation payment from Frontline. As a result of the sale, the Company expects to record a book gain of approximately $1.7 million in the third quarter of 2012.