SFL - Fourth Quarter 2023 Results

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Preliminary Q4 2023 results and increased quarterly cash dividend to $0.26 per share

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Hamilton, Bermuda, February 14, 2024. SFL Corporation Ltd. (“SFL” or the “Company”) today announced its preliminary financial results for the quarter and full year ended December 31, 2023.

Highlights

• 80^th consecutive quarterly dividend, increased to $0.26 per share
• Net profit of $31.4 million, or $0.25 per share in the fourth quarter
• Received charter hire¹ of $209.5 million in the quarter, including $3.4 million of profit share
• Adjusted EBITDA² of $124.1 million from consolidated subsidiaries, plus $7.9 million adjusted EBITDA² from 49.9% owned associated companies
• Delivery of Wolfsburg, our second LNG dual-fuel Car Carrier, on 10 year charter to Volkswagen
• Commencement of Hercules’ drilling contract for Galp Energia in Namibia
• Subsequent to quarter end, our third LNG dual-fuel Car Carrier Odin Highway was delivered on 10 year contract to K Line 
  
  

Ole B. Hjertaker, CEO of SFL Management AS, said in a comment:

«We are pleased to announce our 80th consecutive quarterly dividend as we celebrate our 20th anniversary. Over this period SFL has evolved from a vessel financing provider to a leading maritime infrastructure company with a fully integrated operational platform with a diversified modern fleet of vessels on time-charter to industry leading customers.

SFL has built up a high-quality operational platform, which has enabled us to secure repeat transactions with our key customers. And with all of our car carrier newbuildings delivered by the end of this quarter, we expect to continue increasing our charter revenues in 2024.

And we believe there is significant value embedded in our fleet beyond our current charter backlog, illustrated by the recent charter extensions for our car carriers SFL Composer and SFL Conductor at significantly higher charter rates than before. Owning modern high quality maritime assets in the next decade will be beneficial for SFL shareholders as we continue to build the company and our long term distribution capacity». 

Quarterly Dividend

The Board of Directors has declared an increased quarterly cash dividend of $0.26 per share. The dividend will be paid on or around March 28, to shareholders of record as of March 15, and the ex-dividend date on the New York Stock Exchange will be March 14, 2024.

The full report may be found in the link below and at the Company’s website www.sflcorp.com

Webcast and Presentation

In connection with the earnings release, a video webcast will be held today at 10:00 AM (EST) / 4:00 PM (CET)