Document:

d859934_ex4-16.htm

    Exhibit
4.16

     

    THE
RULES

     

    OF

     

    FRONTLINE
LTD.’s

     

    SHARE
OPTION SCHEME

     

    (Approved
by Frontline Ltd.’s Board

    on
November 16 , 2006)

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    FRONTLINE
LTD.

     

    RULES OF
THE

    SHARE OPTION
SCHEME

     

    
      	
              1.  

            	
              DEFINITIONS

            

    

     

    
      	
              1.1  

            	
              In
      this Scheme the following words and expressions shall, where the context
      so permits, have the following
meanings:

            

    

     

    “Adoption Date” means the date
on which the Scheme is approved by the Board;

     

    “Auditors” means the auditors
of the Company (acting as experts and not as arbitrators) from time to
time;

     

    “Board” means the board of
directors of the Company or the directors present at a duly convened meeting of
the board of directors or of a duly constituted committee of the board of
directors at which a quorum is present;

     

    “Change of Control” means an
event whereby another entity gains control over the Company (i) by imposing a
merger or consolidation in which the Company is not the surviving company or
(ii) by acquiring the majority of the shares in the Company or (iii) by the vote
of its own shares or by acting in concert with other shareholders appoints a new
majority of the Board;

     

    “Company” means Frontline Ltd.,
registered in Bermuda;

     

    “Date of Grant” means the date
on which an Option is granted by the Board pursuant to Clause 2
hereof;

     

    “Eligible Person” means an
employee who is, or who becomes, contracted to work at least 20 hours per week
in the service of one or more Participating Companies or a director or officer
of a Participating Company;

     

    “Group” means the Company and
the Subsidiaries;

     

    “Independent Expert” means
either a firm of independent public accountants of recognised standing who may
be the regular auditors of the Company or an internationally recognised
investment bank to be selected by the Board;

     

    “Market Value” means, on any
day, the average of the middle market quotations of the price of the Shares as
derived from the New York Stock Exchange (or any other stock exchange on which
the Shares are traded, chosen by the Board) for the three immediately preceding
dealing days on that stock exchange; or, if the Shares are not traded on any
stock exchange, means the value of the Shares as determined by the
Board.

     

    “Option” means a right (but not
an obligation) to subscribe for Shares granted to an Eligible Person pursuant to
the Scheme;

     

    “Option Certificate” means a
certificate issued by the Company to the Option Holder evidencing the title of
the Option Holder to the Option;

     

    “Option Holder” means an
Eligible Person or a former Eligible Person who is the holder of an Option which
has neither been fully exercised nor ceased to be exercisable nor lapsed and,
where the context so permits, a person entitled to rights under any such Option
in consequence of the death of the original Option Holder;

     

    “Option Shares” means Shares in
respect of which an Option has been granted;

     

    “Participating Company” means
the Company and any Subsidiary;

     

    “Rules” means these rules as
varied from time to time in accordance with Clause 8 hereof;

     

    “Scheme” means this share
option scheme;

     

    “Shares” means fully paid
ordinary shares of par value US$2.50, each in the capital of the
Company;

     

    “Share Capital” means the fully
paid issued share capital of the Company;

     

    “Subscription Cost” means, in
relation to the exercise of an Option, the product of the number of Option
Shares in respect of which the Option is exercised and the Subscription Price of
such Option Shares;

     

    “Subscription Price” means such
price as the Board shall from time to time at its discretion resolve shall apply
to an Option when such Option is granted provided that such price is not lower
than the nominal value of a Share;

     

    “Subsidiary” means a company,
which for the time being, is a subsidiary of the Company within the definition
contained in Section 86 of the Companies Act 1981 of Bermuda;

     

    “Subsisting Option” means an
Option which has neither lapsed nor been exercised.

     

    “Vesting Date” means the date
on which an Option becomes exercisable and is the date the Board, in its
discretion, may prescribe from time to time when an Option is granted, provided
that such date cannot be earlier than one day after the Date of
Grant.

     

    
      	
              1.2  

            	
              In
      this Scheme except in so far as the context otherwise
      requires:

            

    

     

    
      	
              a.  

            	
              words
      denoting the singular number shall include the plural number and words
      denoting the masculine gender shall include the feminine
      gender;

            

    

     

    
      	
              b.  

            	
              any
      reference herein to any enactment or statutory provision shall be
      construed as a reference to that Bermudian enactment or provision as from
      time to time amended extended or re-enacted;
and

            

    

     

    
      	
              c.  

            	
              references
      to the exercise of an Option shall include the exercise of an Option in
      part.

            

    

     

    
      	
              2.  

            	
              GRANT
      OF OPTION

            

    

     

    
      	
              2.1  

            	
              At
      any time after the Adoption Date, and not later than the tenth anniversary
      thereof, the Board may, in its absolute discretion, resolve to grant an
      Option or Options to an Eligible Person or to Eligible Persons on the
      terms and conditions set out in the Rules and in its
      resolution.

            

    

     

    
      	
              2.2  

            	
              Immediately
      following the Date of Grant the Board shall notify the relevant Eligible
      Persons that they have been granted
Options.

            

    

     

    
      	
              2.3  

            	
              The
      notice given by the Board pursuant to Clause 2.2 shall be in such form,
      not inconsistent with these Rules, as the Board may determine and shall
      specify the number of Shares comprised in the Option, any terms applicable
      thereto other than as set out herein, the Date of Grant and the
      Subscription Price.

            

    

     

    
      	
              2.4  

            	
              Not
      later than twelve weeks following the Date of Grant, the Option Holder
      may, by a notice given in writing, renounce his rights to any Option
      granted pursuant to Clause 2.1 in which event such Option shall be deemed
      for all purposes never to have been
granted.

            

    

     

    
      	
              2.5  

            	
              As
      soon as possible after the expiry of the twelve week notice period
      referred to in Clause 2.4, the Board shall issue an Option Certificate in
      respect of each Option in such form, not inconsistent with these Rules, as
      the Board may determine.

            

    

     

    
      	
              3.  

            	
              LIMITATIONS

            

    

     

    
      	
              3.1  

            	
              No
      Option shall be granted after the tenth anniversary of the Adoption
      Date.

            

    

     

    
      	
              3.2  

            	
              No
      Option shall be granted to any person unless he is, at the Date of Grant,
      an Eligible Person.

            

    

     

    
      	
              4.  

            	
              MAIN
      TERMS

            

    

     

    
      	
              4.1  

            	
              No
      consideration shall be payable to the Company for the grant of an
      Option.

            

    

     

    
      	
              4.2  

            	
              The
      Option shall entitle the Option Holder to subscribe for Shares at a price
      per Share equal to the Subscription Price at the date the Option is
      exercised.

            

    

     

    
      	
              4.3  

            	
              Any
      Option which has not lapsed may be exercised in whole or in part at any
      time provided the earliest of the following events has
      occurred:

            

    

     

    
      	
              a.  

            	
              the
      Vesting Date;

            

    

     

    
      	
              b.  

            	
              the
      death of the Option Holder;

            

    

     

    
      	
              c.  

            	
              a
      Change of Control.

            

    

     

    
      	
              4.4  

            	
              An
      Option which has vested, shall lapse on the earliest of the following
      events:

            

    

     

    
      	
              a.  

            	
              such
      date as the Board in its discretion may prescribe at the date the Option
      is granted, provided that such date cannot be later than the tenth
      anniversary of the Date of Grant;

            

    

     

    
      	
              b.  

            	
              the
      first anniversary of the Option Holder’s
death;

            

    

     

    
      	
              c.  

            	
              the
      first anniversary of the Option Holder’s
  retirement;

            

    

     

    
      	
              d.  

            	
              three
      months following the Option Holder’s ceasing to be an Eligible Person,
      other than by reason of his death or
retirement;

            

    

     

    
      	
              e.  

            	
              six
      months after the Option has become exercisable in accordance with Clause
      7.1;

            

    

     

    
      	
              4.5  

            	
              An
      Option which has not vested, shall lapse on the earliest of the following
      events:

            

    

     

    
      	
              a.  

            	
              the
      date of an Option Holder’s retirement;
and

            

    

     

    
      	
              b.  

            	
              the
      date an Option Holder ceasing to be an Eligible Person other than by
      reason of his death or retirement.

            

    

     

    
      	
              5.  

            	
              EXERCISE
      OF OPTIONS

            

    

     

    
      	
              5.1  

            	
              Exercise
      of an Option shall be effected by the Option Holder giving notice in
      writing to the Company specifying the number of Option Shares (not being
      less than 500 Shares, and being a multiple of 100 Shares, except in the
      case of final exercise of all outstanding rights under the Option) in
      respect of which the Option is being exercised on that occasion and
      accompanied by the relevant Option Certificate and otherwise in such form
      and manner as the Board in its discretion may prescribe from time to time,
      provided that such notice shall be deemed to have been exercised and to
      take effect on the date on which payment of the Subscription Cost is
      received by the Company.

            

    

     

    
      	
              5.2  

            	
              Subject
      to any necessary consents under regulations or enactments for the time
      being in force, compliance by the Option Holder with the Rules and receipt
      by the Company of the Subscription Cost, the Company shall, not later than
      thirty days after receipt of the notice referred to in Clause 5.1 above,
      allot and issue to the Option Holder the number of Shares specified in the
      notice. If the number of Shares over which the Option is exercised is less
      than that specified in the relevant Option Certificate then the Company
      will issue a balance Option Certificate in respect of the remainder of
      such Shares over which the Option is still capable of
      exercise.

            

    

     

    
      	
              5.3  

            	
              Notwithstanding
      the provisions of Clause 5.1 and Clause 5.2, the Company reserves the
      right upon receipt of a notice of exercise of an Option to make a cash
      payment in lieu of issuing Shares that would be due on the exercise of the
      Option.  The cash payment will be calculated as the positive
      difference between the highest market price of the Shares on the New York
      Stock Exchange (or any other stock exchange on which the Shares are
      traded, chosen by the Board), and the Subscription Price on the date the
      Company receives the notice of exercise of an
  Option.

            

    

     

    
      	
              5.4  

            	
              Shares
      allotted under the Scheme in pursuance of the exercise of an Option shall
      rank pari passu in all respects with the Shares for the time being in
      issue save as regards any rights attaching by reference to a record date
      prior to the date on which the Option is
  exercised.

            

    

     

    
      	
              6.  

            	
              ADJUSTMENTS
      TO OPTION RIGHTS

            

    

     

    
      	
              6.1  

            	
              In
      the event of any capitalisation or rights issue, any sub-division,
      consolidation or a reduction of the capital of the Company, the Board
      shall make appropriate adjustments with regard
  to:

            

    

     

    
      	
              a.  

            	
              the
      aggregate number of Shares subject to any
  Option;

            

    

     

    
      	
              b.  

            	
              the
      Subscription Price subject to any Option;
or

            

    

     

    
      	
              c.  

            	
              the
      terms of any Option.

            

    

     

    
      	
               
      

            	
              PROVIDED
      THAT:

            

    

     

    
      	
              d.  

            	
              any
      such adjustment has been confirmed in writing by an Independent Expert to
      be in their opinion fair and reasonable;
and

            

    

     

    
      	
              e.  

            	
              the
      aggregate Subscription Cost payable by an Option Holder on the exercise of
      all his Options is not increased;
and

            

    

     

    
      	
              f.  

            	
              the
      amount payable to subscribe for any Share subject to any Option shall not
      be reduced below its nominal value.

            

    

     

    Further,
the Subscription Price shall be reduced by the amount of all dividends declared
by the Company per Share in the period from the Date of Grant until the date the
Option(s) is exercised, always provided that the Subscription Price never shall
be reduced below the par value of the Share.

     

    
      	
              6.2  

            	
              The
      Board shall give notice in writing to each Option Holder affected by any
      adjustment made pursuant to Clause 6.1 and may, at its discretion, deliver
      to him a revised Option Certificate in respect of his
    Option.

            

    

     

    Adjustments
to the Subscription Price due to dividend payments shall be calculated as and
when the Option(s) is exercised.

     

    
      	
              7.  

            	
              WINDING-UP

            

    

     

    
      	
              7.1  

            	
              If
      notice is given by the Board to the shareholders in the Company of a
      members’ resolution for the voluntary winding-up of the Company, notice of
      the same shall forthwith be given by the Board to the Option
      Holders.

            

    

     

    Each of
the Option Holders shall be entitled, within three months following such notice,
to give notice in writing to the Company (such notice being accompanied by
payment of the Subscription Cost) that such Option Holder wishes to be treated
as if all or any of his Options had been exercised immediately before the
commencement of the winding-up. In such event the Option Holder will be entitled
to participate in the assets available in the winding-up pari passu with the
shareholders in the Company as if he were a shareholder in relation to such
number of Shares as he would have been entitled to had his Options been so
exercised. Subject thereto all Options shall lapse on the commencement of the
winding-up.

     

    
      	
              7.2  

            	
              Option
      rights shall lapse immediately in the event of the Company being wound-up
      otherwise than in the event of a voluntary
  winding-up.

            

    

     

    
      	
              8.  

            	
              VARIATION
      OF THE SCHEME

            

    

     

    
      	
              8.1  

            	
              Subject
      to Clause 9.2 the Board may at any time alter or add to the Rules in any
      respect, provided that:

            

    

     

    
      	
              a.  

            	
              the
      Board may not cancel an Option except where (i) the Option Holder has
      breached the provisions of Clause 9.5 or (ii) the Option Holder has
      previously agreed; and

            

    

     

    
      	
              b.  

            	
              (subject
      as herein provided) the Board may not modify the terms of an Option
      already granted otherwise than with the consent of the Option
      Holder.

            

    

     

    
      	
              8.2  

            	
              Notwithstanding
      the provisions of Clause 8.1, no amendment may be made which would make
      the terms on which Options may be or have been granted materially more
      generous without the prior approval of the Company in a general
      meeting.

            

    

     

    
      	
              8.3  

            	
              The
      Board shall give notice in writing to each Option Holder of any alteration
      or addition made pursuant to this Clause 8 and may, at its discretion,
      deliver to each Option Holder a revised Option Certificate in respect of
      his Option.

            

    

     

    
      	
              9.  

            	
              GENERAL
      PROVISIONS

            

    

     

    
      	
              9.1  

            	
              The
      Company shall at all times keep available sufficient authorised but
      unissued Shares to satisfy the exercise in full of all Options for the
      time being capable of being
exercised.

            

    

     

    
      	
              9.2  

            	
              The
      Board may from time to time make and vary such regulations and establish
      such procedures for the administration and implementation of the Scheme as
      it thinks fit.  In the event of any dispute or disagreement as
      to the interpretation of the Rules or as to the question of rights arising
      from or related to the Scheme, the decision of the Board shall (except as
      regards any matter required to be determined by the Auditors hereunder) be
      final and binding upon all persons.

            

    

     

    
      	
              9.3  

            	
              The
      cost of the administration and implementation of the Scheme shall be borne
      by the Company.

            

    

     

    
      	
              9.4  

            	
              The
      rights and obligations of an Eligible Person under the terms on which the
      Eligible Person holds his office or employment with a Participating
      Company shall not be affected by his participation in the Scheme or by any
      right he may have to participate therein, and the Scheme shall afford an
      Eligible Person no rights to compensation or damages in connection with
      the termination of such office or employment for any reason
      whatsoever.

            

    

     

    
      	
              9.5  

            	
              The
      rights and obligations of an Option Holder shall be personal to the Option
      Holder and no Option nor the benefit thereof may be transferred, assigned,
      charged or otherwise alienated save that nothing in this sub-clause shall
      prohibit the transmission of an Option or the benefit thereof by operation
      of law.

            

    

     

    
      	
              9.6  

            	
              For
      so long as the Shares are listed on the New York Stock Exchange or any
      other stock exchange, the Company shall apply to the appropriate
      authorities of such stock exchange(s) for all Shares subscribed for under
      the Scheme to be admitted for trading thereon on par with the other
      Shares.

            

    

     

    
      	
              9.7  

            	
              Any
      notice or other document to be served by the Company under the Scheme on
      an Eligible Person or Option Holder may be served personally or by e-mail
      or by sending it through the post in a prepaid letter addressed to him at
      his address as last known to the
Company.

            

    

     

    Any
notice or other document to be served on the Company under the Scheme may be
served by an Eligible Person or Option Holder by leaving it at the registered
office for the time being of the Company or by e-mail or by sending it through
the post in a prepaid letter addressed to such registered office.

     

    Where any
notice or other document is served or sent by first class post it shall be
deemed to have been received at the expiration of seven days (excluding
Saturdays, Sundays or public holidays in Bermuda or Norway) after the time when
cover containing the same was put in the post properly addressed and
stamped.  Any notice or document sent by e-mail shall be deemed to
have been received at the time of transmission to the party to which it is
addressed.

     

    
      	
              9.8  

            	
              The
      Insider Trading Regulations of the Company are applicable to the Shares
      received as a consequence of the exercise of
  Options.

            

    

     

    
      	
              10.  

            	
              TERMINATION
      OF THE SCHEME

            

    

     

    
      	
              10.1  

            	
              The
      Scheme shall terminate on the earlier of the following
    dates:

            

    

     

    
      	
              a.  

            	
              the
      date (if any) determined by the Board to be the date of termination of the
      Scheme; and

            

    

     

    
      	
              b.  

            	
              the
      tenth anniversary of the Adoption
Date.

            

    

     

    
      	
              10.2  

            	
              Following
      termination of the Scheme pursuant to Clause 10.1 above, no further
      Options shall be granted but the subsisting rights and obligations of
      existing Option Holders will continue in force as if the Scheme had not
      terminated.d859953_ex4-17.htm

    
EXHIBIT 4.17

    
 

    
      	 
      
	 
      
	
              MANAGEMENT
      AGREEMENT

            
	 
      
	 
      
	 
      
	 
      
	 
      
	 
      

    

    between

    SHIP
FINANCE INTERNATIONAL LIMITED

    and
its SUBSIDIARIES

    and

    FRONTLINE MANAGEMENT
(BERMUDA)
LTD.

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    CONTENTS

     

    

    
      	
              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

            

    

     

    Schedule
1                                List
of Subsidiaries

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    THIS MANAGEMENT AGREEMENT (the
“Agreement”) is made on this 29th day of
November 2007 between:

     

     

    
      	
              (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”)

            

    

     

    and

     

    
      	
              (3)

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

            

    

     

    (hereinafter
jointly referred to as the “Parties” and, individually, as a
“Party”.)

     

    WHEREAS
:

     

    
      	
              (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 third
parties.

            

    

     

    
      	
              (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 by
them.

            

    

     

    
      	
              (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 the
Company.

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
              (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 such
date.

            

    

     

    NOW THEREFORE, the Parties
have agreed as follows:

     

    
      	
              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”).

            

    

     

    The
board of directors of each Subsidiary is formally responsible for the
administration thereof but answers to the Board as its sole
shareholder.

     

    
      	
              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 SFManagement
too.

            

    

     

    
      	
              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 the
Agreement.

            

    

     

    If and
when a Subsidiary is sold or liquidated, this Agreement shall terminate in
relation to such Subsidiary without further notice.

     

    If a
new subsidiary (in this context defined as a wholly owned subsidiary of the
Company) is incorporated or otherwise acquired by the Company, whether directly
or indirectly, it shall be deemed to have acceded to this Agreement as a “Subsidiary”) at such
time.

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    The
Parties agree, for documentary purpose, to update Schedule 1 in relation to
subsidiaries acquired, liquidated or divested by the Company at regular
intervals.

     

    
      	
              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.

            

    

     

    This
shall include both the day-to-day accounting of the SFIL Group’s activities of
the Company and the Subsidiaries and the consolidation of the accounts for the
SFIL Group (which shall include the preparation of the Company’s Form 20F
according to US GAAP).

     

    
      	
               
      

            	
              (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 accounting
practice.

            

    

     

    
      	
               
      

            	
              (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’s
business.

            

    

     

    
      	
               
      

            	
              (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

            

    

     

    The
Manager shall ensure compliance by the Company with all laws, regulations and
provisions applicable to the Company in Bermuda.

     

    
      	
              4.1.5

            	
              Insurances

            

    

     

    The
Manager shall advise the SFIL Group on all issues relevant to the insurance of
its assets and activities, such advice to include the preparation of general
guidelines for cover, the identification of relevant insurers and the terms for
the insurance of the Company’s assets and activities.

     

    
      	
              4.1.6

            	
              Accidents
      - Contingency Plans

            

    

     

    The
Manager shall handle all accidents involving assets or personnel owned or
employed by the SFIL Group on the SFIL Group and the Board’s behalf and shall,
in such cases, liaise with SFManagement and the Board in accordance with such
instructions as the same shall provide from time to time.

     

    The
Manager shall establish a crisis management procedure which shall be submitted
to the Board for approval and which, thereafter, shall be updated whenever
necessary.

     

    
      	
              4.1.7

            	
              Sale
      and Purchase of Assets

            

    

     

    The
Manager shall assist SFManagement in identifying sale and purchase and
newbuilding opportunities, assist in the negotiations of the terms thereof
(always within the scope defined by the Board) and the closing of any such
transaction.

     

    (The
services specified in this Clause 4.1 shall hereinafter be referred to as the
“Services”.)

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
              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.

            

    

     

    All
such subcontracting arrangements shall be documented in writing and shall
incorporate provisions reflecting, inter alia, the content of Clauses 2, 5 and
9.

     

    
      	
              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.

            

    

     

    The
Manager shall, in performing the Services, be entitled to have regard to its
overall responsibility in relation to all matters as may from time to time be
entrusted to its management and in particular, but without prejudice to the
generality of the foregoing, be entitled to allocate available supplies,
manpower and services between its management assignments in such manner as in
the prevailing circumstances the Manager considers to be fair and
reasonable.

     

    
      	
              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.

            

    

     

    Representatives
of the Company’s auditor shall, in relation to the audit of the Company’s
accounts, always be considered authorised.

     

    
      	
              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 the
Services.

            

    

     

    
      	
              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.

            

    

     

    The
Management Fee shall cover those of the Services that are provided to the
Subsidiaries as well as those provided to the Company.

     

    
      	
              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.

            

    

     

    The
general authority set forth above shall be limited as follows:

     

    
      	
               
      

            	
              (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 forth
herein;

            

    

     

    
      	
               
      

            	
              (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 particular
transaction).

            

    

     

    
      	
              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.

            

    

     

    The
Manager’s liability to compensate the Company or a Subsidiary for any loss shall
be limited to the Management Fee in the year preceding the year in which such
loss arose.

     

    
      	
              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.

            

    

     

    If the
Board or the board of directors of a Subsidiary requires the Manager to take any
action which, in the opinion of the Manager, might make the Manager liable for
the payment of any money or liable in any other way, the Manager shall be kept
indemnified by the Company in an amount and a form satisfactory to it as a
prerequisite to taking such action.

     

    
      	
              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.

            

    

     

    For the
purpose of this clause “Confidential Information” shall mean information
relating to the business of the SFIL Group which the Manager becomes aware of or
generates in the course of or in connection with the performance of the
Services.

     

    The
provisions of this Clause 9.1 shall not apply to Confidential Information which
is:

     

    
      	
               
      

            	
              (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.

            

    

     

    The
Agreement shall automatically terminate in relation to the Subsidiaries if
terminated pursuant to the above.

     

    
      	
              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.

            

    

     

    The
right to terminate this Agreement shall be in addition to and without prejudice
to any other rights which the Company and the Subsidiaries may have against the
Manager hereunder.

     

    
      	
              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

            

    

     

    No
Party shall incur liability of any kind or nature whatsoever in relation to the
other Party in the event of a failure to perform any of its obligations
hereunder if such failure is directly or indirectly caused by circumstances
beyond its control such as war or war-like activities, government orders, riots,
civil commotion, strike, lock-out or similar actions, an act of God, peril of
the sea or any other similar cause.

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
              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 following
addresses:

            

    

     

    

     

    

     

    
      	
              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

            
	 
      	 
      

    

    or such
other address as either Party may designate to the other Party in
writing.

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
              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 the
Parties.

            

    

     

    
      	
              15.

            	
              GOVERNING
      LAW AND ARBITRATION

            

    

     

    
      	
              15.1

            	
              This
      Agreement shall be governed by Norwegian
law.

            

    

     

    
      	
              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.

            

    

     

    The
arbitration proceedings shall be held in Oslo and shall, if either Party so
requests, be conducted in the English language

     

    
      	
              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

            	 
      	 
      

    

     

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    Schedule
1

     

    LIST
OF SUBSIDIARIES

    as
of 6 November 2007

     

    
      	
              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

            	 
      

    

    

    SK 02089 0009 859953

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}]]