SFL - Second Quarter 2023 Results

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Preliminary Q2 2023 results and quarterly cash dividend of $0.24 per share

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Hamilton, Bermuda, August 17, 2023. SFL Corporation Ltd. (“SFL” or the “Company”) today announced its preliminary financial results for the quarter ended June 30, 2023.

Highlights

• 78^th consecutive quarterly dividend declared of $0.24 per share
• Net profit of $16.9 million, or $0.13 per share in the second quarter
• Received charter hire¹ of $173.8 million in the quarter, including $2.2 million of profit share
• Adjusted EBITDA² of $100.9 million from consolidated subsidiaries, plus an additional $7.8 million adjusted EBITDA² from 49.9% owned associated companies
• Sale and delivery of the suezmax tanker Everbright
• Sale and delivery of the chemical tankers SFL Weser and SFL Elbe
• Redeployment of Hercules with ExxonMobil in Canada
• New contract signed for Hercules with Equinor in Canada securing employment until Q4 2024 and increasing backlog to approximately $200 million
• Sale and delivery of bareboat chartered VLCC Landbridge Wisdom in Q3 following exercise of purchase option
  
  

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

«Over the last decade, SFL has transformed from a financial leasing provider to a maritime infrastructure company with the majority of assets on long term time charters to end users.

A key part of our value proposition is to own, operate and continuously upgrade the fleet to the highest standards, including fuel efficiency measures to reduce the carbon footprint for us and our customers. This translates into multiple repeat transactions with blue chip customers. It also increases the residual value of vessels in our fleet, as illustrated by the new charters for our two car carriers, where EBITDA contribution will increase fivefold.

Our fixed-rate backlog continues to grow, and stands at approximately $3.6 billion from owned and managed vessels after recent charters. This provides continued cash flow visibility going forward, with significant additional cash flow from the drilling rig Hercules and the newbuild car carriers from the third quarter.»

Quarterly Dividend

The Board of Directors has declared a quarterly cash dividend of $0.24 per share. The dividend will be paid on or around September 29, to shareholders of record as of September 14, and the ex-dividend date on the New York Stock Exchange will be September 13, 2023.

August 17, 2023
The Board of Directors
SFL Corporation Ltd.
Hamilton, Bermuda

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