SFL - Preliminary Fourth Quarter and Financial Year 2004 Results Highlights HAMILTON, Bermuda, Feb. 23 /PRNewswire-FirstCall/ -- Ship Finance International Limited ("Ship Finance" or the "Company") reports total operating revenues of $151.5 million, operating income of $120.6 million and net income of $103.5 million for the fourth quarter of 2004. Operating revenues in the fourth quarter include $72.4 million of profit share due from Frontline under the long-term charter arrangements with Frontline. The average daily time charter equivalents ("TCEs") earned by Frontline in the fourth quarter in the spot and time charter period market from the Company's VLCCs, Suezmax tankers, and Suezmax OBO carriers were $112,700, $86,400 and $31,100, respectively. In the first quarter of 2004 the Company entered into interest rates swaps with a total notional principal amount of $500 million and an average interest rate of 3.4 percent. In the fourth quarter other financial items include a gain of $5.3 million that is attributable to the mark to market valuations of interest rate swaps as LIBOR increased in the quarter. Ship Finance reports net income of $262.7 million for the year ended December 31, 2004. For 2004 the average daily time charter equivalents ("TCEs") earned by Frontline in the spot and time charter period market from the Company's VLCCs, Suezmax tankers, and Suezmax OBO carriers were $76,900, $56,900 and $27,900, respectively. The total profit share recognised in the financial year 2004 is $114.9 million which relates to the 11 month period from February 1, 2004. As at December 31, 2004, the Company had total cash and cash equivalents of $34.6 million, of which $5.4 million is restricted. Cash provided by operating activities in the quarter was $21.6 million, net cash generated by investing activities was $19.4 million and net cash used in financing activities was $75.1 million. The Company's cash position as of February 14, 2005 is approximately $147.2 million which excludes the $114.9 million due from Frontline under the profit sharing arrangements. This amount is due to be paid to the Company in March 2005. The full report is available on the following link: http://hugin.info/134876/R/981934/145861.pdf Questions should be directed to: Contact: Tor Olav Troim: Director, Frontline Ltd +44 7734 976 575 Oscar Spieler: Chief Executive Officer, Frontline Management AS +47 23 11 40 00 Tom Jebsen, Chief Financial Officer, Frontline Management AS +47 23 11 40 00 DATASOURCE: Ship Finance International Ltd. CONTACT: Tor Olav Troim: Director, Frontline Ltd, +44-7734-976-575; or Oscar Spieler: Chief Executive Officer, +47-23-11-40-00; or Tom Jebsen, Chief Financial Officer, +47-23-11-40-00, both of Frontline Management AS Web Site: http://www.shipfinance.org/

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