| Name                                   | Vessel/Activity                | Incorporation | Ownership      Percentage |
|----------------------------------------|--------------------------------|---------------|---------------------------|
| Rig      Finance Ltd.                  | West      Ceres                | Bermuda       | 100%                      |
| Rig      Finance II Limited            | West      Prospero             | Bermuda       | 100%                      |
| Benmore      Shipping Company Limited  | Sea      Alfa                  | Cyprus        | 100%                      |
| Newbond      Shipping Company Limited  | Front      Energy              | Cyprus        | 100%                      |
| Hudson      Bay Marine Company Limited | Front      Force               | Cyprus        | 100%                      |
| Jaymont      Shipping Company Limited  | Sea      Beta                  | 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      Brabant Inc.                | Front      Brabant             | Liberia       | 100%                      |
| Front      Falcon Corp.                | Front      Falcon              | Liberia       | 100%                      |
| Front      Glory Shipping Inc.         | Front      Glory               | 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      (ex Front Stratus) | 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          | Front      Vista               | 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%                      |
| 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.         | Front      Vanadis             | Singapore     | 100%                      |
| Fox      Maritime Pte Ltd.             | Front      Sabang              | Singapore     | 100%                      |
| Front      Dua Private Limited         | Front      Duchess             | Singapore     | 100%                      |
| Front      Empat Private Limited       | Front      Highness            | Singapore     | 100%                      |
| Front      Enam Private Limited        | Front      Lord                | Singapore     | 100%                      |
| Front      Lapan Private Limited       | Front      Climber             | Singapore     | 100%                      |
| Front      Lima Private Limited        | Front      Lady                | Singapore     | 100%                      |
| Front      Tiga Private Limited        | Front      Duke                | Singapore     | 100%                      |
| Front      Sembilan Private Limited    | Front      Leader              | Singapore     | 100%                      |

----

| Name                             | Vessel/Activity                    | Incorporation         | Ownership      Percentage |
|----------------------------------|------------------------------------|-----------------------|---------------------------|
| Rettie      Pte Ltd              | Front      Striver                 | Singapore             | 100%                      |
| Transcorp      Pte Ltd           | Front      Guider                  | Singapore             | 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%                      |
| 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      Europa Inc.             | Montemar      Europa               | Marshall      Islands | 100%                      |
| SFL      Chemical Tanker Ltd.    | Maria      Victoria V (NB)         | Marshall      Islands | 100%                      |
| SFL      Chemical Tanker II Ltd. | SC      Guangzhou (NB)             | 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 Jaguar Limited      | Sea      Jaguar                    | Cyprus                | 100%                      |
| SFL      Sea Bear Limited        | Sea      Bear                      | Cyprus                | 100%                      |
| SFL      Sea Leopard Limited     | Sea      Leopard                   | Cyprus                | 100%                      |
| SFL      West Polaris Limited    | West      Polaris                  | Bermuda               | 100%                      |
| SFL      Deepwater Ltd.          | West      Hercules and West Taurus | Bermuda               | 100%                      |
| SFL      Geo I Limited           |                               | Bermuda               | 100%                      |
| SFL      Geo II Limited          |                               | Bermuda               | 100%                      |
| SFL      Geo III Limited         |                               | Bermuda               | 100%                      |
| Front      Transporter Inc.      | Front      Transporter             | Liberia               | 100%                      |
| SFL      Sea Trout Limited       | Sea      Trout                     | Cyprus                | 100%                      |
| SFL      Avon Inc.               | SFL      Avon                      | Liberia               | 100%                      |
| SFL      Clyde Inc.              | SFL      Clyde                     | Liberia               | 100%                      |
| SFL      Dee Inc.                | SFL      Dee                       | Liberia               | 100%                      |
| SFL      Humber Inc.             | SFL      Humber                    | Liberia               | 100%                      |
| SFL      Tamar Inc.              | SFL      Tamar                     | Liberia               | 100%                      |
| Front      Heimdall Inc.         | SFL      Heimdall                  | Liberia               | 100%                      |
| Front      Baldur Inc.           | SFL      Baldur                    | Liberia               | 100%                      |
| SFL      Golden Island Ltd.      |                               | Bermuda               | 100%                      |
| SFL      Golden Straits Ltd.     |                               | Bermuda               | 100%                      |
| SFL      Ace 1 Company Limited   | Asian      Ace                     | Malta                 | 100%                      |
| SFL      Ace 2 Company Limited   | Green      Ace                     | Malta                 | 100%                      |