| Name                                   | Vessel/Activity                   | Incorporation | OwnershipPercentage |
|----------------------------------------|-----------------------------------|---------------|---------------------|
|                                   |                              |          |                |
| Rig      Finance Ltd.                  | Dormant                           | Bermuda       | 100%                |
| Rig      Finance II Limited            | West      Prospero                | Bermuda       | 100%                |
| Benmore      Shipping Company Limited  | Dormant                           | Cyprus        | 100%                |
| Newbond      Shipping Company Limited  | Front      Energy                 | Cyprus        | 100%                |
| Hudson      Bay Marine Company Limited | Onoba      (ex Front Force)       | Cyprus        | 100%                |
| Jaymont      Shipping Company Limited  | Dormant                           | Cyprus        | 100%                |
| Front      Opalia Inc                  | Front      Opalia                 | Liberia       | 100%                |
| Ariake      Transport Corporation      | Oliva      (ex Ariake)            | Liberia       | 100%                |
| Bonfield      Shipping Ltd.            | Front      Driver                 | Liberia       | 100%                |
| Edinburgh      Navigation S.A.         | Edinburgh                         | Liberia       | 100%                |
| Front      Ardenne Inc.                | Front      Ardenne                | Liberia       | 100%                |
| Front      Baldur Inc.                 | Everbright                        | Liberia       | 100%                |
| Front      Brabant Inc.                | Front      Brabant                | Liberia       | 100%                |
| Front      Falcon Corp.                | Front      Falcon                 | Liberia       | 100%                |
| Front      Glory Shipping Inc.         | Front      Glory                  | Liberia       | 100%                |
| Front      Heimdall Inc.               | Glorycrown                        | Liberia       | 100%                |
| Front      Pride Shipping Inc.         | Front      Pride                  | Liberia       | 100%                |
| Front      Saga Inc.                   | Front      Page                   | Liberia       | 100%                |
| Front      Scilla Inc.                 | Front      Scilla                 | Liberia       | 100%                |
| Front      Serenade Inc.               | Front      Serenade               | Liberia       | 100%                |
| Front      Shadow Inc.                 | Golden      Shadow                | Liberia       | 100%                |
| Front      Splendour Shipping Inc.     | Front      Splendour              | Liberia       | 100%                |
| Front      Stratus Inc.                | Ondina (exFront      Stratus)     | Liberia       | 100%                |
| Front      Transporter Inc.            | Dormant                           | Liberia       | 100%                |
| Golden      Estuary Corporation        | Front      Comanche               | Liberia       | 100%                |
| Golden      Fjord Corporation          | Ocana      (ex Front Commerce)    | Liberia       | 100%                |
| Golden      Narrow Corporation         | Golden      Victory               | Liberia       | 100%                |
| Golden      Seaway Corporation         | Front      Vanguard               | Liberia       | 100%                |
| Golden      Sound Corporation          | FrontVista                        | Liberia       | 100%                |
| Golden      Tide Corporation           | Front      Circassia              | Liberia       | 100%                |
| Hitachi      Hull 4983 Ltd.            | Otina      (ex Hakata)            | Liberia       | 100%                |
| Katong      Investments Limited        | Front      Breaker                | Liberia       | 100%                |
| Langkawi      Shipping Ltd.            | Dormant                           | Liberia       | 100%                |
| Millcroft      Maritime S.A.           | Front      Champion               | Liberia       | 100%                |
| Sea      Ace Corporation               | Front      Ace                    | Liberia       | 100%                |
| Ultimate      Shipping Limited         | Front      Century                | Liberia       | 100%                |
| Aspinall      Pte Ltd.                 | Front      Viewer                 | Singapore     | 100%                |
| Blizana      Pte Ltd.                  | Front      Rider                  | Singapore     | 100%                |
| Bolzano      Pte Ltd.                  | Mindanao                          | Singapore     | 100%                |
| Cirebon      Shipping Pte Ltd.         | Dormant                           | Singapore     | 100%                |
| Fox      Maritime Pte Ltd.             | Front      Sabang                 | Singapore     | 100%                |
| Front      Dua Private Ltd.       | Dormant                           | Singapore     | 100%                |
| Front      Empat Private Ltd.          | Dormant                           | Singapore     | 100%                |
| Front      Enam Private Ltd.           | Golden      River (ex Front Lord) | Singapore     | 100%                |
| Front      Lapan Private Ltd.          | Front      Climber                | Singapore     | 100%                |
| Front      Lima Private Ltd.           | Dormant                           | Singapore     | 100%                |

----

| Front      Tiga Private Ltd.         | Front      Duke                      | Singapore             | 100% |
|--------------------------------------|--------------------------------------|-----------------------|------|
| Front      Sembilan Private Ltd.     | Front      Leader                    | Singapore             | 100% |
| Rettie      Pte Ltd                  | Front      Striver                   | Singapore             | 100% |
| Transcorp      Pte Ltd               | Front      Guider                    | Singapore             | 100% |
| Front      Highness Inc.             | Ticen      Sun (ex Front Highness)   | Marshall      Islands | 100% |
| Front      Lady Inc.                 | Ticen      Ocean (ex Front Lady)     | Marshall      Islands | 100% |
| Ship      Finance Management AS      | Management      company              | Norway                | 100% |
| SFL      Holdings LLC                | Intermediate      holding company    | United      States    | 100% |
| Madeira      International Corp.     | Intermediate      holding company    | Liberia               | 100% |
| SFL      Geo I Limited               | Dormant                              | Bermuda               | 100% |
| SFL      Geo II Limited              | Dormant                              | Bermuda               | 100% |
| SFL      Geo III Limited             | Dormant                              | Bermuda               | 100% |
| HL      Hunter LLC                   | Horizon      Hunter                  | United      States    | 100% |
| HL      Hawk LLC                     | Horizon      Hawk                    | United      States    | 100% |
| HL      Eagle LLC                    | Horizon      Eagle                   | United      States    | 100% |
| HL      Falcon LLC                   | Horizon      Falcon                  | United      States    | 100% |
| HL      Tiger LLC                    | Horizon      Tiger                   | United      States    | 100% |
| SFL      Avon Inc.                   | SFL Avon(NB)                         | Liberia               | 100% |
| SFL      Clyde Inc.                  | SFL      Clyde(NB)                   | Liberia               | 100% |
| SFL      Dee Inc.                    | SFL      Dee(NB)                     | Liberia               | 100% |
| SFL      Trent Inc.                  | SFL      Trent(NB)                   | Liberia               | 100% |
| SFL      Medway Inc.                 | SFL      Medway(NB)                  | Liberia               | 100% |
| SFL      Spey Inc.                   | SFL      Spey(NB)                    | Liberia               | 100% |
| SFL      Kent Inc.                   | SFL      Kent(NB)                    | Liberia               | 100% |
| SFL      Tyne Inc.                   | SFL      Tyne (NB)                   | Liberia               | 100% |
| SFL      Tamar Inc.                  | Dormant                              | Liberia               | 100% |
| SFL      Humber Inc.                 | Dormant                              | Liberia               | 100% |
| SFL      Europa Inc.                 | Montemar      Europa                 | Marshall      Islands | 100% |
| SFL      Sea Cheetah Limited         | Sea      Cheetah                     | Cyprus                | 100% |
| SFL      Sea Halibut Limited         | Sea      Halibut                     | Cyprus                | 100% |
| SFL      Sea Pike Limited            | Sea      Pike                        | Cyprus                | 100% |
| SFL      Sea Trout Limited           | Dormant                              | Cyprus                | 100% |
| SFL      Sea Jaguar Limited          | Sea      Jaguar                      | Cyprus                | 100% |
| SFL      Sea Bear Limited            | Sea      Bear                        | Cyprus                | 100% |
| SFL      Sea Leopard Limited         | Sea      Leopard                     | Cyprus                | 100% |
| SFL      Sea Chemical Tanker Ltd.    | Maria      Victoria V                | Marshall      Islands | 100% |
| SFL      Sea Chemical Tanker II Ltd. | SC      Guangzhou                    | Marshall      Islands | 100% |
| SFL      Golden Straits Ltd.         | Dormant                              | Bermuda               | 100% |
| SFL      Golden Island Ltd.          | Dormant                              | Bermuda               | 100% |
| SFL      Ace I Company Limited       | Asian      Ace (ex Sea Alfa)         | Malta                 | 100% |
| SFL      Ace II Company Limited      | Green      Ace (ex Sea Beta)         | Malta                 | 100% |
| SFL      West Polaris Limited        | West      Polaris                    | Bermuda               | 100% |
| SFL      Deepwater Ltd.              | West      Hercules & West Taurus | Bermuda               | 100% |