SFL - Acquisition of 4 x 14,000 TEU container vessels

Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or the "Company") announces that it has agreed to acquire four large container vessels in combination with long-term time-charters to a leading container line.

The vessels are modern eco-design built in 2014 with approximately 14,000 TEU carrying capacity. The Company expects to take delivery of the vessels in the near term, and the purchase price is confidential.

The time-charters to a leading Asia-based container line run until 2024, with options to extend the charters by 18 additional months. Our fixed-rate charter backlog will increase by nearly $450 million and the EBITDA contribution from these new vessels is estimated to approximately $60 million per year.

The consideration to the sellers will be cash plus approximately 4 million newly issued shares in Ship Finance. The cash consideration is financed with cash on the balance sheet and a $320 million unsecured loan facility provided by an affiliate of Hemen Holding Ltd., the Company's largest shareholder. This loan facility is non-amortizing and with a term of more than one year. The Company is exploring long-term financing alternatives for these vessels in the Asian capital market.

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "This acquisition highlights Ship Finance's strength and ability to achieve sustained growth and continued diversification. We are deploying a part of the recently raised capital, but still have capacity for new accretive opportunities. Over the last two months we have added nearly $600 million to our charter backlog and expect to continue increasing our fleet of vessels and charter backlog in 2018".

May 31, 2018

The Board of DirectorsShip Finance International LimitedHamilton, Bermuda

Questions can be directed to Ship Finance Management AS:

Investor and Analyst Contacts: Harald Gurvin, Chief Financial Officer, Ship Finance Management AS +47 23 11 40 09 André Reppen, Senior Vice President, Ship Finance Management AS +47 23 11 40 55

Media Contact: Ole B. Hjertaker, Chief Executive Officer, Ship Finance Management AS +47 23 11 40 11

About Ship Finance

Ship Finance International Limited (NYSE: SFL) has a unique track record in the maritime industry, being consistently profitable and paying dividends every quarter since 2004. The Company's fleet of more than 80 vessels is split between tankers, bulkers, container vessels and offshore assets, and Ship Finance's long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time. More information can be found on the Company's website: www.shipfinance.bm

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.

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