| 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      (exAriake)             | Liberia               | 100%                      |
| Bonfield      Shipping Ltd.            | Front      Driver                 | Liberia               | 100%                      |
| Edinburgh      Navigation SA           | 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 (exFront      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          | FrontVista                        | Liberia               | 100%                      |
| Golden      Tide Corporation           | Front      Circassia              | Liberia               | 100%                      |
| Hitachi      Hull # 4983 Corporation   | Otina      (ex Hakata)            | Liberia               | 100%                      |
| Katong      Investments Ltd.           | Front      Breaker                | Liberia               | 100%                      |
| Millcroft      Maritime SA             | Front      Champion               | Liberia               | 100%                      |
| Sea      Ace Corporation               | Front      Ace                    | Liberia               | 100%                      |
| Ultimate      Shipping Ltd.            | 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 Pte Ltd.                | Front      Duchess                | Singapore             | 100%                      |
| Front      Empat Pte Ltd.              | Front      Highness               | Singapore             | 100%                      |
| Front      Enam Pte Ltd.               | Front      Lord                   | Singapore             | 100%                      |
| Front      Lapan Pte Ltd.              | Front      Climber                | Singapore             | 100%                      |
| Front      Lima Pte Ltd.               | Front    Lady                     | Singapore             | 100%                      |
| Front      Tiga Pte Ltd.               | Front      Duke                   | Singapore             | 100%                      |
| Front      Sembilan Pte Ltd.           | Front      Leader                 | Singapore             | 100%                      |
| 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 | Delaware              | 100%                      |
| Madeira      International Corp.       | Intermediate      holding company | Liberia               | 100%                      |
| SFL      Geo I Limited                 | Scan      Empress (NB)            | Bermuda               | 100%                      |
| SFL      Geo II Limited                | Scan      Superior (NB)           | Bermuda               | 100%                      |
| SFL      Geo III Limited               | Scan      Finder (NB)             | Bermuda               | 100%                      |
| HL      Hunter LLC                     | Horizon      Hunter               | Delaware              | 100%                      |
| HL      Hawk LLC                       | Horizon      Hawk                 | Delaware              | 100%                      |
| HL      Eagle LLC                      | Horizon      Eagle                | Delaware              | 100%                      |
| HL      Falcon LLC                     | Horizon      Falcon               | Delaware              | 100%                      |
| HL      Tiger LLC                      | Horizon      Tiger                | Delaware              | 100%                      |
| SFL      Europa Inc.                   | Montemar      Europa              | Marshall      Islands | 100%                      |
| SFL      Chemical Tanker Ltd.          | SC      Heibei (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 PikeLimited               | 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%                      |