SFL - Preliminary Fourth Quarter and Financial Year 2004 Results

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
   [phone]

   Oscar Spieler: Chief Executive Officer, Frontline Management AS
   [phone]

   Tom Jebsen, Chief Financial Officer, Frontline Management AS
   [phone]


DATASOURCE: Ship Finance International Ltd.



CONTACT:  Tor Olav Troim: Director, Frontline Ltd, [phone]; or

Oscar Spieler: Chief Executive Officer, [phone]; or Tom Jebsen, Chief

Financial Officer, [phone], both of Frontline Management AS



Web Site:  http://www.shipfinance.org/ 

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