SFL SFL Corporation Ltd

Ship Finance International Limited (NYSE: SFL) - Earnings Release

Reports preliminary Q4 2018 results and quarterly cash dividend of $0.35 per share

Hamilton, Bermuda, February 26, 2019. Ship Finance International Limited ("SFL" or the "Company") today announced its preliminary financial results for the quarter ended December 31, 2018.

Highlights

• 60th consecutive quarterly dividend declared, $0.35 per share
• Total charter hire of $160m in the quarter from our 100% owned vessels and rigs, of which approximately 65% was derived from time charters and approximately 35% from bareboat charters
• Delivery of the third 10,600 TEU container vessel on long term charter to Maersk Line
• Acquisition of two 19,400 TEU container vessels on long term charters to MSC
• Concluded more than $840m lease financings in Asia for eight container vessels at attractive terms
• Received net proceeds of approximately $130m from sale of jack-up drilling rig and disposal of financial investments in a drillship

Selected key data - Three months ended December 31, 2018

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "The strength of SFL's business model has been repeatedly proven over 60 consecutive quarters of profitability and dividends.  This has been achieved over multiple shipping cycles, and we have been able to accomplish this by taking a very active approach to structuring our investments and managing our balance sheet.

In the process, we have continuously renewed and grown our portfolio and diversified our charter revenue backlog across multiple segments and counterparties. SFL has transformed from a pure vessel leasing company, serving one related party, to a multi-faceted organization with $3.8 billion in contracted future revenues, the majority of which is from unrelated counterparties. In addition, SFL has built a strong technical and commercial vessel operating platform, giving us the ability to offer a wide range of services to our customers, from structured financing to full service time charters."

Dividends and Results for the Quarter ended December 31, 2018

The Board of Directors has declared a quarterly cash dividend of $0.35 per share. The dividend will be paid on or around March 29, to shareholders on record as of March 12, and the ex-dividend date on the New York Stock Exchange will be March 11, 2019.

February 26, 2019

The Board of DirectorsShip Finance International LimitedHamilton, Bermuda

The full report can be found in the link below and at the Company's website www.shipfinance.bm.

Questions can be directed to Ship Finance Management AS:

Investor and Analyst Contact:Aksel C. Olesen, Chief Financial Officer: +47 23114036André Reppen, Senior Vice President: +47 23114055

Media Contact:Ole B. Hjertaker, Chief Executive Officer: +47 23114011

About SFL

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 at the Company's website www.shipfinance.bm

Forward Looking Statements

This press release contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although SFL 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, SFL cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the markets in which we operate, changes in demand resulting from changes in OPEC's petroleum production levels and worldwide oil consumption and storage, developments regarding the technologies relating to oil exploration, changes in market demand in countries which import commodities and finished goods and changes in the amount and location of the production of those commodities and finished goods, increased inspection procedures and more restrictive import and export controls, changes in our operating expenses, including bunker prices, dry docking and insurance costs, performance of our charterers and other counterparties with whom we deal, timely delivery of vessels under construction within the contracted price, 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.

Attachment

• Fourth Quarter 2018 Results.pdf

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