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SFL - Announces Public Offering


October 1, 2012 - HAMILTON, BERMUDA

Ship Finance International Limited ("ShipFinance" or the "Company") (NYSE: SFL)today announced an underwritten public offering of 6,000,000 common shares.Thecommon shares are being offered pursuant to the Company's effective shelfregistration statement. The Company intends to use the net proceeds ofthisoffering to invest in new assets within the shipping and offshore sectorsandfor general corporate purposes, including working capital.

Morgan Stanley is acting as the sole book-running manager for the offering.TheCompany has granted the underwriters a 30-day option to purchase up to900,000additional shares. The common shares purchased by the underwriters areexpectedto be offered for resale from time to time in negotiated transactions orotherwise, on the New York Stock Exchange at market prices prevailing atthetime of sale, at prices related to such prevailing market prices orotherwise.On September 28, 2012, the closing price of the Company's common shares ontheNew York Stock Exchange was $15.72 per share.

This press release does not constitute an offer to sell or the solicitationofan offer to buy securities and shall not constitute an offer, solicitationorsale in any jurisdiction in which such offer, solicitation or sale isunlawful.The offering is being made only by means of a prospectus and relatedprospectussupplement. A prospectus supplement related to the offering will be filedwiththe Securities and Exchange Commission. When available, copies of theprospectus and prospectus supplement relating to the offering may beobtainedfrom the offices of Morgan Stanley at 180 Varick Street, Second Floor, NewYork,New York 10014, Attention: Prospectus Delivery Department or by email atprospectus@morganstanley.com.



The Board of Directors

Ship Finance International Limited

Hamilton, Bermuda



About Ship Finance

Ship Finance is a leading ship-owning company with one of the largest andmostdiverse asset bases across the maritime and offshore industries. It islistedon the New York Stock Exchange and trades under the symbol "SFL."Includingnewbuildings, the Company has a fleet of 67 vessels that consists of 25crudeoil tankers (VLCC and Suezmax, which excludes two non-double hull VLCCs,thathave been sold and are scheduled to be delivered to their purchasers in thefourth quarter of 2012 and the first quarter of 2013, respectively), twochemical tankers, three oil/bulk/ore vessels (which excludes one OBO whichhasbeen sold and is scheduled to be delivered in the fourth quarter of 2012),12drybulk carriers including two newbuildings, 15 container vessels includingfournewbuildings, six offshore supply vessels, one jack-up drilling rig, oneultra-deepwater drillship and two ultra-deepwater semi-submersible drilling rigs.Mostof the vessels and offshore drilling units are employed on long-termcharters.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 statementsarebased upon various assumptions, many of which are based, in turn, uponfurtherassumptions, including Ship Finance management's examination of historicaloperating trends. Although Ship Finance believes that these assumptionswerereasonable when made, because assumptions are inherently subject tosignificantuncertainties and contingencies which are difficult or impossible topredict andare beyond its control, Ship Finance cannot give assurance that it willachieveor accomplish these expectations, beliefs or intentions.

Important factors that, in the Company's view, could cause actual resultstodiffer materially from those discussed in this presentation include thestrengthof world economies and currencies, general market conditions includingfluctuations in charter hire rates and vessel values, changes in demand inthetanker market as a result of changes in OPEC's petroleum production levelsandworldwide oil consumption and storage, changes in the Company's operatingexpenses including bunker prices, dry-docking and insurance costs, changesingovernmental rules and regulations or actions taken by regulatoryauthorities,potential liability from pending or future litigation, general domestic andinternational political conditions, potential disruption of shipping routesdueto accidents or political events, and other important factors describedfromtime to time in the reports filed by the Company with the United StatesSecurities and Exchange Commission.



This announcement is distributed by Thomson Reuters on behalf ofThomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Ship Finance International Limited via Thomson Reuters ONE

[HUG#1645538]

Harald Gurvin
Chief Financial Officer
Ship Finance Management AS
+47 23114009
+47 97520363

Magnus T. Valeberg
Senior Vice President
Ship Finance Management AS
+47 23114012
+47 93440960

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