Press Release From Ship Finance International Limited, August 7, 2008

HAMILTON, NORWAY–(EMWNews – August 7, 2008) – Ship Finance International Limited (NYSE: SFL) (“Ship Finance” or the

“Company”) has employed Peter Lund as Commercial Director. He is

expected to take up his position with Ship Finance in September 2008,

and will be based in a newly established office in Singapore.

Mr. Lund is currently head of Maersk Brokers in Singapore, and has

worked 15 years in the AP Moller group of companies in different

geographic locations. He holds a Masters degree in Law from the

University of Copenhagen.

Lars Solbakken, Chief Executive Officer in Ship Finance Management

AS, said in a comment: “We are very pleased to have recruited Mr.

Lund to become the new Commercial Director of our company. His broad

international shipping background and detailed knowledge of several

of our target segments will be very valuable for us as we continue

our growth and diversification. We also expect that our new office in

Singapore will increase our business volume in Asia.”

August 7, 2008

The Board of Directors

Ship Finance International Limited

Hamilton, Bermuda

About Ship Finance

Ship Finance is a major ship owning company listed on the New York

Stock Exchange (NYSE: SFL). Including newbuildings and announced

acquisitions, the Company has a fleet of 71 vessels, including 33

crude oil tankers (VLCC and Suezmax), 2 chemical tankers, 8

oil/bulk/ore vessels, 13 container vessels, 3 dry bulk carriers, 6

offshore supply vessels and 3 seismic vessels, 2 jack-up drilling

rigs and one ultra-deepwater drillship. The fleet is one of the

largest in the world and most of the vessels are employed on long

term charters.

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

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 world

wide 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.

Copyright © Hugin AS 2008. All rights reserved.