EXHIBIT 8.1
Subsidiaries and Equity Interests Owned Directly
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Name Vessel/Activity Incorporation Ownership
---- --------------- ------------- ---------
%
Subsidiaries and Equity Interests Owned Directly
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CalPetro Tankers (Bahamas I) Ltd Cygnus Voyager Bahamas 100%
CalPetro Tankers (Bahamas II) Ltd Altair Voyager Bahamas 100%
CalPetro Tankers (Bahamas III) Ltd Virgo Voyager Bahamas 100%
Frontline Management (Bermuda) Ltd Management company Bermuda 100%
ICB Shipping (Bermuda) Limited Management company Bermuda 100%
Frontline Tankers Limited Management company Bermuda 100%
Ship Finance International Limited Holding company Bermuda 16.2%
Independent Tankers Corporation Holding company Cayman Islands 100%
Buckingham Shipping Plc British Pioneer Isle of Man 100%
Caernarfon Shipping Plc British Progress Isle of Man 100%
CalPetro Tankers (IOM) Ltd Sirius Voyager Isle of Man 100%
Golden State Petro (IOM 1-A) Plc Antares Voyager Isle of Man 100%
Golden State Petro (IOM 1-B) Plc Phoenix Voyager Isle of Man 100%
Holyrood Shipping Plc British Pride Isle of Man 100%
Sandringham Shipping Plc British Purpose Isle of Man 100%
Front Eagle Corporation Front Eagle Liberia 100%
Front Horizon Inc. Front Horizon Liberia 100%
Front Tobago Shipping Corp Front Tobago Liberia 40%
Golden Channel Corporation Front Commodore Liberia 100%
Kea Navigation Ltd Front Melody Liberia 100%
Otina Inc. Front ▇▇▇▇ Liberia 100%
Optimal Shipping SA Front Symphony Liberia 100%
Pablo Navigation SA Front Chief Liberia 100%
Quadrant Marine Inc. Marble Liberia 100%
▇▇▇▇ Shipping Corporation Front Warrior Liberia 100%
Saffron Rose Shipping Limited Front Crown Liberia 100%
Tidebrook Maritime Corporation Front Commander Liberia 100%
Bandama Investment Ltd Management company Liberia 100%
Front FPSO Front Puffin Malta 100%
Frontline Management AS Management company Norway 100%
International Maritime Exchange ASA Freight derivatives Norway 24.49%
exchange
Subsidiaries Owned Through Ship Finance International Limited
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Granite Shipping Co. Ltd Front Granite Bahamas 100%
Golden Current Limited Opalia Isle of Man 100%
Ariake Transport Corporation Ariake Liberia 100%
▇▇▇▇▇▇▇▇ 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 Inc. 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 Splendour Shipping Inc. Front Splendour Liberia 100%
Front Stratus Inc. Front Stratus Liberia 100%
Front Target Inc. Front Target Liberia 100%
Front Tobago Shipholding Inc Front Tobago Liberia 100%
Front Transporter Inc. Front Transporter Liberia 100%
Front Traveller Inc. Front Traveller Liberia 100%
Golden Estuary Corporation Front Comanche Liberia 100%
Golden Fjord Corporation ▇▇▇▇▇ (ex Front Commerce) Liberia 100%
Golden Narrow Corporation Golden Victory Liberia 100%
Golden Seaway Corporation New Vanguard Liberia 100%
Golden Sound Corporation New Vista Liberia 100%
Golden Tide Corporation Omala (ex New Circassia) Liberia 100%
Hitachi Hull # 4983 Corporation Otina (ex Hakata) Liberia 100%
Katong Investments Ltd. Front Breaker Liberia 100%
Langkawi Shipping Ltd. Front Birch Liberia 100%
Millcroft Maritime SA Front Champion Liberia 100%
Patrio Shipping Ltd. Front Hunter Liberia 100%
Sea Ace Corporation Front Ace Liberia 100%
Sibu Shipping Ltd. Front Maple Liberia 100%
South West Tankers Inc. Front Sunda Liberia 100%
Ultimate Shipping Ltd. Front Century Liberia 100%
West Tankers Inc. Front Comor 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 ▇▇▇▇▇ 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 ▇▇▇▇▇▇ Singapore 100%
Benmore Shipping Company Limited Sea Alfa Cyprus 100%
▇▇▇▇▇▇ Bay Marine Company Limited Sea Force Cyprus 100%
Jaymont Shipping Company Limited Sea Beta Cyprus 100%
Newbond Shipping Company Limited Sea Energy Cyprus 100%
