SFL - Third Quarter 2023 Results

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Preliminary Q3 2023 results and increased quarterly cash dividend to $0.25 per share

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Hamilton, Bermuda, November 8, 2023. SFL Corporation Ltd. (“SFL” or the “Company”) today announced its preliminary financial results for the quarter ended September 30, 2023.

Highlights

• 79^th consecutive quarterly dividend declared, increased to $0.25 per share
• Net profit of $29.3 million, or $0.23 per share in the third quarter
• Received charter hire¹ of $214 million in the quarter, including $2.6 million of profit share
• Adjusted EBITDA² of $122.4 million from consolidated subsidiaries, plus an additional $7.9 million adjusted EBITDA² from 49.9% owned associated companies
• Delivery of Emden, our first LNG dual-fuel Car Carrier
• Successful completion of Hercules’ drilling contract for ExxonMobil in Canada, and mobilization to new contract in Namibia
• Subsequent to quarter end, Maersk has declared an extension option for the 9,500 teu container vessel Maersk Sarat until mid 2025
   

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

«We are very pleased to increase the distribution to our shareholders as we take delivery of our first dual-fuel newbuilding and pay our 79^th consecutive dividend. Our harsh environment semi-submersible rig Hercules is back in operation, and the next three car carrier newbuilds will be delivered over the next few quarters. This, combined with strong contract renewals for existing vessels, is expected to increase our charter revenues and further support a long term distribution capacity.

The revenue growth is not only enabled by our full-service time charter offering, but also by our consistent focus on maintaining a modern high quality fleet and initiating energy efficiency projects across our assets. The strength of our offering is further illustrated by our ability to execute multiple repeat transactions with several industry leading counterparties and continuously build our fixed rate charter backlog, currently standing at $3.4 billion» 

Quarterly Dividend

The Board of Directors has declared a quarterly cash dividend of $0.25 per share. The dividend will be paid on or around December 28, to shareholders of record as of December 15, and the ex-dividend date on the New York Stock Exchange will be December 14, 2023.

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

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