|                      |
|---------------------------|
|                      |
| MANAGEMENT      AGREEMENT |
|                      |
|                      |
|                      |
|                      |
|                      |
|                      |

----

| Clause | Page                                               |
|--------|----------------------------------------------------|
| 1.     | APPOINTMENT                                        | 4 |
| 2.     | THE      SFIL GROUP’S MANAGEMENT FUNCTIONS   | 4 |
| 3.     | THE      SUBSIDIARIES                              | 4 |
| 4.     | SERVICES                                           | 5 |
| 5.     | GENERAL      CONDITIONS                            | 7 |
| 6.     | MANAGEMENT      FEE — REIMBURSEMENT OF COSTS | 7 |
| 7.     | AUTHORITY                                          | 8 |
| 8.     | INDEMNITY                                          | 8 |
| 9.     | CONFIDENTIALITY                                    | 9 |
| 10.    | TERMINATION                                        | 9 |
| 11.    | DEFAULT                                            | 10 |
| 12.    | FORCE      MAJEURE                                 | 10 |
| 13.    | NOTICES                                            | 10 |
| 14.    | MISCELLANEOUS                                      | 11 |
| 15.    | GOVERNING      LAW AND ARBITRATION                 | 11 |

----

| (1) | SHIP FINANCE INTERNATIONAL      LIMITED of Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HMGX,      Bermuda (the “Company”); |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | THE SUBSIDIARIES OF THE      COMPANY, LISTED IN SCHEDULE 1 HERETO (the “Subsidiaries”) |
|-----|----------------------------------------------------------------------------------------------------|

| (3) | FRONTLINE MANAGEMENT      (BERMUDA) LTD.      of Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HMGX, Bermuda      (the “Manager”) |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | The      Company is a limited company organised under the laws of Bermuda, having      its registered office at the address stated  above. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | The      Company’s shares are listed on the New York Stock  Exchange. |
|-----|-----------------------------------------------------------------------------|

| (C) | The      Company is, through the Subsidiaries, the owner of a number of tanker, dry      bulk and other vessels, offshore drilling rigs and other      assets. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D) | It      is the Company’s policy to outsource its and the Subsidiaries’      administrative needs to other corporate entities, either owned or      controlled by itself or by thirdparties. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (E) | The      Company was, during the period from its incorporation until 31 December      2006, provided with such management services as its board required to      carry out the day-to-day management of the Company and its assets by the      Manager under the terms of (i) an administrative services agreement with,      inter alia, the Manager dated 1 January 2004, (ii) an administrative      management agreement with, inter alia, the Manager dated 20 June 2005,      (iii) an administrative management agreement with, inter alia, the Manager      dated 17 January 2006 and (iv) an administrative management agreement      with, inter alia, the Manager dated 1 October 2006 (collectively, the      “Admin      Agreements”). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (F) | The      Company’s subsidiaries (including but not limited to the Subsidiaries)      were, during the period from the Company’s incorporation until 31 December      2006, provided with such general management services as their respective      boards required to carry out the day-to-day management of their activities      by the Manager under the terms of the Admin  Agreements. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (G) | The      Manager has, in the period referred to in Recital (E) above, subcontracted      parts of the services provided to the Company to its affiliates, Frontline      Management AS (“FrontMan AS”) and Frontline      Corporate Services Ltd (“FrontCorp”). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (H) | The      Company decided, in the first quarter of 2006, to establish a wholly owned      subsidiary, Ship Finance Management AS (“SFManagement”), for the purpose of      establishing a proprietary management team which, on market terms, would      provide the Company and the Subsidiaries with the majority of the      management services required bythem. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (I) | SFManagement      became operational on 1 May 2006 and assumed, gradually throughout the      remainder of 2006, responsibility for the provision of the management      services required by the Company and the Subsidiaries on terms orally      agreed with the board of theCompany. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (J) | The      scope and terms of the administrative services provided by SF Management      were to the Company effective from 1 January 2007 have today been      documented in a written management agreement between SFManagement and the      Company (the “General      Management Agreement”). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (K) | The      Parties have agreed to enter into this Agreement in order to document the      terms upon which the Manager, with effect from 1 January 2007, has      provided and shall continue to provide certain management services to the      Company and the Subsidiaries and, as part of such agreement, to document      the agreed cancellation of the Admin Agreements in relation to the Company      and the Subsidiaries with effect from suchdate. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | APPOINTMENT |
|----|-------------|

| 1.1 | The      Company and the Subsidiaries (the “SFIL Group”) hereby confirm the      appointment of the Manager, effective from 1 January 2007, as responsible      for those of their respective management functions that are described      herein on the terms and conditions set forth in the    following. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | The      Parties hereby confirm their agreement that the Admin Agreements were      terminated in respect of the Company and the Subsidiaries, effective on 31      December 2006. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | THE      SFIL GROUP’S MANAGEMENT FUNCTIONS |
|----|--------------------------------------------------|

| 2.1 | Ultimate      responsibility for the administration of the Company and the Subsidiaries      lies with the Company’s board of directors of the Company (the “Board”). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | The      Manager confirms its understanding that the services provided hereunder      shall supplement the services provided by SFManagement under the General      Management Agreement and that SFManagement thus has the overall      responsibility for providing the Company with the management services the      Company requires from time to time. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | The      Manager further agrees to and accepts that it shall report to SFManagement      in respect of the services to be provided by it hereunder. Further, the      Manager confirms that it will ensure that its subcontractors in providing      the services shall report to SFManagementtoo. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | THE      SUBSIDIARIES |
|----|-----------------------|

| 3.1 | The      Company’s assets are, generally, held through wholly owned      subsidiaries. |
|-----|----------------------------------------------------------------------------------------------|

| 3.2 | The      Company’s subsidiaries as of the date hereof are listed in Schedule 1      hereto and are parties to theAgreement. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

----

| 3.3 | The      Manager shall, on matters of particular importance to a Subsidiary, keep      such Subsidiary’s board of directors informed (while reporting to the      Board). Final decisions in such matters shall be taken by the board of      directors of such Subsidiary. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | SERVICES |
|----|----------|

| 4.1 | The      Manager shall, throughout the term of this Agreement, make the following      services |
|-----|-------------------------------------------------------------------------------------------------|

|   | available      to the SFIL Group: |
|--------|-----------------------------------|

| 4.1.1 | Corporate      Governance Services |
|-------|------------------------------------|

|   | (a) | The      Manager shall assist SFManagement with all aspects of the Company’s      corporate governance which relates to Bermuda law and shall, in      particular, assist with the conveying of board and shareholders meetings      in Bermuda. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Manager shall prepare all documentation of written resolutions passed by      the Board and the board of directors of the Subsidiaries and the      shareholder(s) of the Company and the Subsidiaries along with minutes from      their respective meetings and shall, furthermore, be responsible for the      same being signed and safely filed. SFManagement shall be provided with      copies thereof. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Manager shall assist the Company’s company secretary in preparing and      implementing all aspects of the Company’s employee share option plan from      time to time. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      Manager shall be responsible for the operation of the Company’s      shareholder register. |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | (e) | The      Manager shall be responsible for the corporate books and records of the      Subsidiaries. |
|--------|-----|-----------------------------------------------------------------------------------------------------|

| 4.1.2 | Accounting      – Corporate Governance - Auditing -Reports |
|-------|------------------------------------------------------------------|

|   | (a) | The      Manager shall be responsible for the SFIL Group’s accounting      functions. |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (b) | The      SFIL Group’s accounting shall be based on US GAAP and such accounting      principles as the Board from time to time shall have    approved. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Manager shall maintain all financial records and books of account of all      transactions of the Company and the Subsidiaries in accordance with      applicable laws and proper accountingpractice. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      Manager shall be responsible for the preparation of the Company’s and the      SFIL Group’s interim and annual closing of  accounts. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | The      Manager shall, by way of designing and implementing necessary procedure      assist the Board in ensuring that the SFIL Group meets all relevant      corporate governance principles (including but not limited to the      Sarbanes-Oxley Act). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | The      Manager shall assist the SFIL Group’s auditors in the continuous and      annual audit of the Company’s and the Subsidiaries’    accounts. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | The      Manager shall prepare such interim reports in respect of the performance      of the Company and the SFIL Group as SFManagement shall require from time      to time. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.1.3 | Company      Records |
|-------|----------------------|

|   | (a) | The      Manager shall be responsible for the safekeeping and professional filing      of all the SFIL Group’s original corporate documents, such archive being      physically located in Bermuda. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Manager shall establish and maintain an adequate and accessible archive,      either or both in electronic and physical form, over all documents      relevant to the SFIL Group’sbusiness. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Manager shall ensure that SFManagement has full access to such archive and      shall assist SFManagement in the maintenance of a copy-set of such      documents in SFManagement’s office. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.1.4 | Government      Relations - Taxes |
|-------|-----------------------------------|

| 4.1.5 | Insurances |
|-------|------------|

| 4.1.6 | Accidents      - Contingency Plans |
|-------|------------------------------------|

| 4.1.7 | Sale      and Purchase of Assets |
|-------|----------------------------------|

----

| 4.2 | The      Manager may, at its discretion, sub-contract any of the Services to its      affiliates FrontMan AS and FrontCorp, always provided that the Manager      shall remain responsible for the overall performance of the Services      notwithstanding any such subcontracting or  delegation. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | GENERAL      CONDITIONS |
|----|-------------------------|

| 5.1 | The      Manager shall, in performing its duties hereunder, effectively and      faithfully serve the Company and the Subsidiaries. In exercising the      powers and authorities hereby conferred on it, the Manager      shall: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | always      use its best endeavours to protect and promote the Company’s and the      Subsidiaries’ interests; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (b) | observe      all applicable laws and regulations relevant to the Company’s and the      Subsidiaries’ activities; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | always      act in accordance with good and professional management      practice. |
|--------|-----|------------------------------------------------------------------------------------|

| 5.2 | The      Manager shall be entitled to provide management services to other      companies or entities, provided that the provision of such services is not      deemed detrimental to the interests of the SFIL  Group. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | The      Manager shall not afford preference to any vessel or company under its      management but shall, so far as practicable, ensure a fair distribution of      service to all such vessels and companies from time to    time. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | All      discounts, commissions and other benefits received by the Manager and/or      its employees from third parties as a consequence of the provision of the      Services shall be disclosed to the Board and, unless otherwise agreed,      placed at the Company’s or, as the case may be, the relevant Subsidiary’s      disposal. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.5 | The      Company shall, at all times, be allowed full access to the accounts and      records of the |
|-----|------------------------------------------------------------------------------------------------------|

|   | Manager      which are relevant to the performance of the  Services. |
|--------|----------------------------------------------------------------------|

| 5.6 | The      Manager shall, upon request, provide the Company with copies of all      documents relevant to the Company or a Subsidiary in its possession and      otherwise compile such facts and records on the basis of such documents as      shall, from time to time be requested by the  Board. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6. | MANAGEMENT      FEE – REIMBURSEMENT OF COSTS |
|----|----------------------------------------------------|

| 6.1 | The      Company shall pay the manager a fee (the “Management Fee”) as consideration      for the Manager’s provision of theServices. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | The      Management Fee shall, in relation to each calendar year, be detailed in a      fee letter to be submitted by the Manager to the Company no later than 1      December in the preceding year. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.3 | The      Company shall make on account payments of the Management Fee throughout      the year |
|-----|------------------------------------------------------------------------------------------------|

|   | in      accordance with the terms of the annual fee  letter. |
|--------|--------------------------------------------------------------|

| 6.4 | The      Management Fee shall be based on the market price for administrative      services |
|-----|---------------------------------------------------------------------------------------------|

|   | similar      to the Services covered by it. |
|--------|---------------------------------------------|

| 6.5 | Both      the Manager and the Company may, if it can be documented that the scope of      the Services changes materially during a year, demand that the Management      Fee or a specified element therein for such year is revised with effect      for the remainder of the relevant year. The Manager shall have the same      right if the Manager’s cost base increases materially during a      year. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.6 | The      Company shall reimburse the Manager for all out-of-pocket expenses      incurred by the |
|-----|--------------------------------------------------------------------------------------------------|

|   | Manager      in relation to third parties in connection with the provision of the      Services. |
|--------|--------------------------------------------------------------------------------------------------|

| 7. | AUTHORITY |
|----|-----------|

| 7.1 | The      Manager is, within the scope of the Services and subject to the      limitations set forth below, authorised to act on the Company’s and each      Subsidiary’s behalf and shall obligate the Company by its      signature. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | The      Manager shall not, unless specifically authorised by the Company or a      Subsidiary, be authorised to act for the Company or such Subsidiary      outside the scope of the Services; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | The      Manager’s general authority shall always be limited by applicable laws      (including, but not limited to, Bermuda law) and the Company’s and each      Subsidiary’s bye-laws or similar constitutional documentation and the      specific limitations set forthherein; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | The      Manager’s general authority shall always exclude matters of an irregular      nature or special importance (always including the chartering or lease out      of material assets) unless specifically authorised by the Board or the      board of directors of a Subsidiary (whether in general or for a limited      period or within set limits without time limitation or specifically in      relation to a particulartransaction). |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | The      Company and the Subsidiaries hereby ratify, confirm and undertake, at all      times, to allow, ratify and confirm all actions the Manager and its      employees shall lawfully take or cause to be taken on the Company’s or a      Subsidiary’s behalf in the bona fide performance of the      Services. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8. | INDEMNITY |
|----|-----------|

| 8.1 | The      Manager shall be under no responsibility or liability for any loss or      damage, whether as a loss of profits or otherwise, to the Company or a      Subsidiary arising out of any act or omission involving any error of      judgment or any negligence on the part of the Manager or any of its      officers or employees in connection with the performance of the Services,      unless the acts or omissions leading to a loss or damage are caused by      gross negligence or wilful misconduct on the part of the Manager, its      officers or employees. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | The      Company agrees to indemnify and keep the Manager and its officers and      employees together with its subcontractors and such subcontractors’      employees and officers indemnified against any and all liabilities, costs,      claims, demands, proceedings, charges, actions, suits or expenses of      whatsoever kind or character that may be incurred or suffered by any of      them howsoever arising (other than by reason of fraud or dishonesty on      their part) in connection with the provisions of the Services to both the      Company and the Subsidiaries. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3 | The      indemnities provided by the Company hereunder shall cover all reasonable      costs and expenses payable by the Manager in connection with any claims to      which the indemnity obligation of the Company  applies. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.4 | The      indemnification provided by the Company pursuant to this Clause 8 shall      not be deemed exclusive of any other rights to which those seeking      indemnification may be entitled under any statute, agreement, the bye-laws      of the Company or otherwise, and shall continue after the termination of      this Agreement. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | CONFIDENTIALITY |
|----|-----------------|

| 9.1 | All      Confidential Information furnished to the Manager, its subcontractors or      any of their respective employees or directors pursuant to this Agreement      shall be and remain the property of the Company or the relevant      Subsidiary, and shall be kept confidential by the  Manager. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | required      to be disclosed by law or court order;or |
|--------|-----|--------------------------------------------------------|

|   | (ii) | becomes      public knowledge otherwise than as a result of the conduct of the      Manager. |
|--------|------|----------------------------------------------------------------------------------------------|

----

| 10. | TERMINATION |
|-----|-------------|

| 10.1 | Each      of the Company and the Manager may terminate this Agreement following no      less than 3 month’s prior written notice to the other    Party. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Termination      shall be without prejudice to any rights or liabilities of the Parties      arising |
|------|------------------------------------------------------------------------------------------------------|

|   | prior      to or in respect of any act or omission occurring prior to      termination. |
|--------|-----------------------------------------------------------------------------------------|

| 10.3 | In      the event of termination, the Management Fee shall be pro ratal to the      date of termination (after taking into account such additional amounts, if      any, as time spent and the responsibility undertaken by the Manager during      the relevant period immediately prior to termination    justify). |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4 | In      the event of termination of the Agreement, the Manager shall procure that      all such acts are done as may be necessary to give effect to such      termination and the Company shall secure and the Manager, subject to      payment of all amounts due to it hereunder, shall co­operate in the      appointment of a substitute manager as circumstances may      require. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5 | Upon      the termination of this Agreement, the Manager shall hand over to the      Company all books of account, correspondence and records relating to the      affairs of the Company and the Subsidiaries which are the property of the      Company and the Subsidiaries and which are in its or its sub-contractors’      possession. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | DEFAULT |
|-----|---------|

| 11.1 | If      the Manager shall, by any act or omission, be in breach of any material      obligation under this Agreement and such breach shall continue for a      period of fourteen (14) days after written notice thereof has been given      by the Company to the Manager, the Company shall have the right to      terminate this Agreement with immediate effect by notice to the      Manager. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | Each      of the Manager and the Company (but not a Subsidiary) may forthwith by      notice in writing to the other Party terminate this Agreement if an order      be made or a resolution be passed for the winding up of the other Party or      if a receiver be appointed of the business or property of the other Party,      or if the other Party shall cease to carry on its business or make special      arrangement or composition with its creditors or if any event analogous      with any of the foregoing occurs under any applicable law with relevance      to the other Party. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | FORCE      MAJEURE |
|-----|--------------------|

----

| 13. | NOTICES |
|-----|---------|

| 13.1 | All      correspondence or notices required or permitted to be given under this      Agreement shall be given in English and sent by mail, telefax, email or      delivered by hand at the followingaddresses: |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| If      to the Company and the Subsidiaries:  |
|-----------------------------------------------|
|                                          |
| Ship Finance International      Ltd.          |
|                                          |
| Visiting address:                             |
|                                          |
| Par-la-Ville      Place                       |
| 14      Par-la-Ville Road                     |
| Hamilton      HMGX                            |
| Bermuda                                       |
|                                          |
| Postal address:                               |
|                                          |
| P.O.      Box 1593                            |
| HM      08                                    |
| Bermuda                                       |
|                                          |   |
| Fax:                                          | +      1 441 205 3404 |
| Telephone:                                    | +      1 441 295 6935 |
| Att.:                                         | Chairman      of the Board |
|                                          |   |
| If      to the Manager:                       |
|                                          |
| Frontline Management      (Bermuda)      Ltd. |
|                                          |
| Visiting address:                             |
|                                          |
| Par-la-Ville      Place                       |
| 14      Par-la-Ville Road                     |
| Hamilton      HMGX                            |
| Bermuda                                       |
|                                          |
| Postal address:                               |
|                                          |
| P.O.      Box HM 1593                         |
| Hamilton      HMGX                            |
| Bermuda                                       |
|                                          |   |
| Fax:                                          | +      1 441 205 3494 |
| Telephone:                                    | +      1 441 295 6935 |
| Att.:                                         | Managing      Director |
|                                          |   |

----

| 14. | MISCELLANEOUS |
|-----|---------------|

| 14.1 | None      of the Parties shall be entitled to assign its rights and/or obligations      under this Agreement unless the prior written consents of the other      Parties hereto have been obtained. This principle shall not apply to the      subcontracting by the Manager of the provision of parts of the Services      pursuant to Clause 4.2. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2 | Nothing      in this Agreement shall be deemed to constitute a partnership between the      Parties. |
|------|------------------------------------------------------------------------------------------------------|

| 14.3 | No      term of this Agreement is enforceable by a person who is not a party to      it. |
|------|------------------------------------------------------------------------------------------|

| 14.4 | This      Agreement shall not be amended, supplemented or modified save by written      agreement signed by or on behalf of theParties. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------|

| 15. | GOVERNING      LAW AND ARBITRATION |
|-----|------------------------------------|

| 15.1 | This      Agreement shall be governed by Norwegianlaw. |
|------|--------------------------------------------------------|

| 15.2 | Any      dispute, controversy or claim arising out of or relating to this Agreement      (including the breach, termination or invalidity thereof), shall be      settled by arbitration in accordance with the provisions of the Norwegian      Arbitration Act 2004. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| For      and on behalf of               |   | For      and on behalf of                     |
|-----------------------------------------|--------|-----------------------------------------------|
| SHIP      FINANCE INTERNATIONAL LIMITED |   | FRONTLINE MANAGEMENT      (BERMUDA)      LTD. |
|                                    |   |                                          |
|                                    |   |                                          |
| Craig      Stevenson                    |   | Kjell      Langva                             |
| Chairman                                |   | As      per special authority                 |
|                                    |   |                                          |
|                                    |   |                                          |
|                                    |   |                                          |
| For      and on behalf of               |   |                                          |
| THE      SUBSIDIARIES                   |   |                                          |
|                                    |   |                                          |
|                                    |   |                                          |
| Lars      Solbakken                     |   |                                          |
| Director                                |   |                                          |

----

| Vessel      Owning Subsidiaries        |       |
|----------------------------------------|------------|
| Name      of Company                   | Registered | Name      of Vessel |
| Ariake      Transport Corporation      | Liberia    | Oliva |
| Aspinall      Pte Ltd                  | Singapore  | Front      Viewer |
| Benmore      Shipping Inc              | Cyprus     | Sea      Alfa |
| Blizana      Pte Ltd                   | Singapore  | Front      Rider |
| Bolzano      Pte Ltd                   | Singapore  | Mindanao |
| Bonfield      Shipping Ltd             | Liberia    | Front      Driver |
| Cirebon      Shipping Pte Ltd          | Singapore  | Front      Vanadis |
| Edinburgh      Navigation S.A.         | Liberia    | Edinburgh |
| Fox      Maritime Pte Ltd              | Singapore  | Front      Sabang |
| Front      Ardenne Inc.                | Liberia    | Front      Ardenne |
| Front      Brabant Inc.                | Liberia    | Front      Brabant |
| Front      Dua Pte Ltd                 | Singapore  | Front      Duchess |
| Front      Empat Pte Ltd               | Singapore  | Front      Highness |
| Front      Enam Pte Ltd                | Singapore  | Hebei      River |
| Front      Falcon Inc.                 | Liberia    | Front      Falcon |
| Front      Glory Shipping Inc.         | Liberia    | Front      Glory |
| Front      Lapan Pte Ltd               | Singapore  | Front      Climber |
| Front      Lima Pte Ltd                | Singapore  | Front      Lady |
| Front      Opalia Inc                  | Liberia    | Front      Opalia |
| Front      Pride Shipping Inc.         | Liberia    | Front      Pride |
| Front      Saga Inc.                   | Liberia    | Front      Page |
| Front      Scilla Inc.                 | Liberia    | Front      Scilla |
| Front      Sembilan Pte Ltd            | Singapore  | Front      Leader |
| Front      Serenade Inc.               | Liberia    | Front      Serenade |
| Front      Shadow Inc                  | Liberia    | Golden      Shadow |
| Front      Splendour Shipping Inc.     | Liberia    | Front      Splendour |
| Front      Stratus Inc.                | Liberia    | Ondina |
| Front      Tiga Pte Ltd                | Singapore  | Front      Duke |
| Golden      Estuary Corporation        | Liberia    | Front      Comanche |
| Golden      Fjord Corporation          | Liberia    | Ocana |
| Golden      Narrow Corporation         | Liberia    | Golden      Victory |
| Golden      Seaway Corporation         | Liberia    | Front      Vanguard |
| Golden      Sound Corporation          | Liberia    | Front      Vista |
| Golden      Tide Corporation           | Liberia    | Front      Circassia |
| Hitachi      Hull 4983 Corporation     | Liberia    | Otina |
| Hudson      Bay Marine Company Limited | Cyprus     | Front      Force |
| Jaymont      Shipping Inc              | Cyprus     | Sea      Beta |
| Katong      Investments Ltd            | Liberia    | Front      Breaker |
| Langkawi      Shipping Ltd.            | Liberia    | Front      Birch |
| Millcroft      Maritime SA             | Liberia    | Front      Champion |
| Newbond      Shipping Company Limited  | Cyprus     | Front      Energy |
| Rettie      Pte Ltd                    | Singapore  | Front      Striver |
| Rig      Finance                       | Bermuda    | West      Ceres |
| Rig      Finance II Limited            | Bermuda    | West      Prospero |
| Sea      Ace Corporation               | Liberia    | Front      Ace |
| Sibu      Shipping Ltd.                | Liberia    | Front      Maple |

----

| Transcorp      Pte Ltd.                               | Singapore             | Front      Guider            |
|-------------------------------------------------------|-----------------------|------------------------------|
| Ultimate      Shipping Ltd.                           | Liberia               | Front      Century           |
| SFL      Geo I Limited                                | Bermuda               | TBN                          |
| SFL      Geo II Limited                               | Bermuda               | TBN                          |
| SFL      Geo III Limited                              | Bermuda               | TBN                          |
| SFL      Europa Inc.                                  | Marshall      Islands | Montemar      Eurpoa         |
| SFL      Sea Pike Ltd.                                | Cyprus                | Sea      Pike                |
| SFL      Sea Cheetah Ltd.                             | Cyprus                | Sea      Cheetah             |
| SFL      Sea Halibut Ltd.                             | Cyprus                | Sea      Halibut             |
| SFL      Sea Jaguar Ltd.                              | Cyprus                | Sea      Jaguar              |
| SFL      Sea Trout Ltd.                               | Cyprus                | Sea      Trout               |
| SFL      Avon Inc.                                    | Liberia               | SFL      Avon                |
| SFL      Clyde Inc.                                   | Liberia               | SFL      Clyde               |
| SFL      Dee Inc.                                     | Liberia               | SFL      Dee                 |
| SFL      Humber Inc.                                  | Liberia               | SFL      Humber              |
| SFL      Tamar Inc.                                   | Liberia               | SFL      Tamar               |
| Golden      Island Inc.                               | Liberia               | Golden      Island           |
| Golden      Straits Inc.                              | Liberia               | Golden      Straits          |
| Front      Heimdall Inc.                              | Liberia               | SFL      Heimdall            |
| Front      Baldur Inc.                                | Liberia               | SFL      Baldur              |
| HL      Hunter LLC                                    | Delaware              | Horizon      Hunter          |
| HL      Hawk LLC                                      | Delaware              | Horizon      Hawk            |
| HL      Eagle LLC                                     | Delaware              | Horizon      Eagle           |
| HL      Falcon LLC                                    | Delaware              | Horizon      Falcon          |
| HL      Tiger LLC                                     | Delaware              | Horizon      Tiger           |
|                                                  |                  |                         |
|                                                  |                  |                         |
| Non      Vessel Owning Subsidiaries-Under Liquidation |                  |
| Name      of Company                                  | Registered            | Previously      Owned Vessel |
| Front      Target Inc.                                | Liberia               | Front      Target            |
| Front      Tobago Shipholding Inc.                    | Liberia               | Front      Tobago            |
| Front      Transporter Inc.                           | Liberia               | Front      Transporter       |
| Front      Traveller                                  | Liberia               | Front      Traveller         |
| Granite      Shipping Company Ltd.                    | Bahamas               | Front      Granite           |
| Southwest      Tankers Inc.                           | Liberia               | Front      Sunda             |
| West      Tankers Inc.                                | Liberia               | Front      Comor             |
|                                                  |                  |                         |
|                                                  |                  |                         |
| Sub      Holding Subsidiaries                         |                  |                         |
| Name      of Company                                  | Registered            |                         |
| Madeira      International Corp.                      | Liberia               |                         |
| SFL      Holdings LLC                                 | Delaware              |                         |