Press release from Ship Finance International Limited, Jauary 25, 2010

Ship  Finance International Limited (NYSE:SFL) ("Ship Finance" or "the Company")
refers  to the announcement  of the third  quarter 2009 dividend payable in cash
or,  at the  shareholders request,  in newly  issued common  shares on  or about
January 27, 2010.

Shareholders  beneficially  owning  approximately  52% of our outstanding shares
have   elected  to  receive  0.0228 common  shares  for  each  share  held,  and
approximately  0.9 million new common shares will be  issued as a result of such
elections.  The remaining shareholders  will receive a  cash dividend payment of
$0.30 per share.

Following  this dividend payment, the total  number of the Company's outstanding
common shares will be approximately 79.1 million.

Any questions relating to the dividend payment should be directed to your
broker, bank, or other nominee, or alternatively to BNY Mellon, our transfer
agent:

U.S. Toll Free: 1-800-301-3489
International: +1 201 680 6578
http://www.melloninvestor.com



About Ship Finance

Ship  Finance  is  a  major  ship  owning  company  listed on the New York Stock
Exchange  (NYSE: SFL).  Including newbuildings,  the Company  has a fleet of 67
vessels,  including  33 crude  oil  tankers  (VLCC  and  Suezmax),  two chemical
tankers, eight oil/bulk/ore vessels, one dry-bulk carrier, 13 container vessels,
six  offshore supply vessels, one jack-up drilling rig and three ultra-deepwater
drilling  units. The fleet  is one of  the largest in  the world and most of the
vessels  are employed  on long-term  charters. The  Company has decleared a cash
dividend for 23 consecutive quarters.

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.


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