Ship Finance International Limited to Sell Suezmax Tanker Front Splendour for ~$13M in Net Cash Proceeds

Ship Finance International Limited

today announced that it has agreed to sell the 1995 built Suezmax tanker Front Splendour to an unrelated third party. The Company has simultaneously agreed to terminate the corresponding charter party for the 20-year old crude oil carrier with a subsidiary of Frontline Ltd. ("Frontline"). The vessel is expected to be delivered to its new owner in the fourth quarter, 2015. Net cash proceeds will be approximately $13 million, after a compensation of approximately $1.3 million to Frontline for the early termination of the charter. Divesting of older vessels is a part of the Company's strategy to renew and diversify the fleet, and the proceeds are expected to be reinvested in new assets. Following this sale, the number of vessels on charter to Frontline will be reduced to 15 vessels, including 12 VLCCs and three Suezmax crude oil carriers. The Board of Directors Ship Finance International Limited Hamilton, Bermuda Questions can be directed to Ship Finance Management AS: Ole B. Hjertaker, Chief Executive Officer: +47 23114011 Andre Reppen, Senior Vice President: +47 23114055 About Ship Finance Ship Finance International Limited

has an unprecedented track record in the maritime industry,