Company Announcements

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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)

In order to listen to the conference call and see the presentation, you may do one of the following: 

A: Join Conference Call Webcast in Listen Only Mode:
Visit the Investor Relations section of the Company’s website at www.sflcorp.com and click on the link to "Webcast", or access directly via the webcast link below. The webcast with slideshow will be played live from this platform:

SFL Corporation Ltd. Q4 2023 Webcast

B: Join Conference Call and Participate in Live Q&A through Zoom:
Join through the Zoom link below to ask a question:
SFL Q4 2023 Q&A

Meeting ID: 951 8455 9099
Passcode: 789331

In conjunction with the quarterly results, we have published a short video in which Ole Hjertaker, CEO of SFL, discusses the highlights of the fourth quarter. The video can be accessed through SFL Corporation Ltd.’s linkedin profile, or directly by clicking here.

The presentation material used in the webcast may be downloaded at www.sflcorp.com and replay details are also available at this Company website.

Questions may be directed to SFL Management AS:

Investor and Analyst Contact

Aksel C. Olesen, Chief Financial Officer: +47 23114036
André Reppen, Chief Treasurer & Senior Vice President: +47 23114055
Marius Furuly, Vice President - IR: +47 23114016

Media Contact

Ole B. Hjertaker, Chief Executive Officer: +47 23114011

About SFL
SFL has a unique track record in the maritime industry and has paid dividends every quarter since its initial listing on the New York Stock Exchange in 2004. The Company’s fleet of vessels comprises of tanker vessels, bulkers, container vessels, car carriers and offshore drilling rigs. SFL’s long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time. More information can be found on the Company’s website: www.sflcorp.com

Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although SFL believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, SFL cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.
Important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions in the seaborne transportation industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values, changes in demand in the markets in which the Company operates, including shifts in consumer demand from oil towards other energy sources or changes to trade patterns for refined oil products, changes in market demand in countries which import commodities and finished goods and changes in the amount and location of the production of those commodities and finished goods, technological innovation in the sectors in which we operate and quality and efficiency requirements from customers, increased inspection procedures and more restrictive import and export controls, changes in the Company’s operating expenses, including bunker prices, dry-docking and insurance costs, performance of the Company’s charterers and other counterparties with whom the Company deals, the impact of any restructuring of the counterparties with whom the Company deals, and timely delivery of vessels under construction within the contracted price, governmental laws and regulations, including environmental regulations, that add to our costs or the costs of our customers, potential liability from pending or future litigation, potential disruption of shipping routes due to accidents, political instability, terrorist attacks, piracy or international hostilities, the length and severity of the ongoing coronavirus outbreak and governmental responses thereto and the impact on the demand for commercial seaborne transportation and the condition of the financial markets, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission. SFL disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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¹ Charter hire represents the amounts billable in the period by the Company and its associates for chartering out vessels and rigs. This is mainly the contracted daily rate multiplied by the number of chargeable days plus any additional billable income, including profit share. Long term charter hire relates to contracts undertaken for a period greater than one year. Short term charter hire relates to contracts undertaken for a period less than one year, including voyage charters.
² ‘Adjusted EBITDA’ is a non-U.S. GAAP measure. It represents cash receipts from operating activities before net interest and capital payments.