SFL - Third Quarter 2021 Results

SFL - Third Quarter 2021 Results

10 Nov 2021 12:31 CET

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Preliminary Q3 2021 results and increased quarterly cash dividend of $0.18 per
share

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Hamilton, Bermuda, November 10, 2021. SFL Corporation Ltd. ("SFL" or the
"Company") today announced its preliminary financial results for the quarter
ended September 30, 2021.

Highlights

* 71(st) consecutive quarterly dividend declared, $0.18 per share
* Operating revenue of approximately $135.4 million, and net profit of $33.2
million in the third quarter
* Received charter hire(1) of approximately $155.9 million in the quarter from
the Company's vessels and rigs, including $7.0 million of profit share
* Adjusted EBITDA(2) of $100.7 million from consolidated subsidiaries, plus an
additional $11.5 million adjusted EBITDA(2) from associated companies
* Agreement to acquire three modern Suezmax tankers in combination with 5-year
charters to a world leading commodity trading and logistics company
* Sale of seven Handysize dry bulk vessels for a net sales price of $98
million
* Delivery of five container vessels on charters to Evergreen and Maersk

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

«SFL's business model enables us to continuously renew and diversify our
portfolio of assets and charters over time, supporting a long term distribution
capacity. This has been achieved through multiple shipping cycles, by taking a
very active approach to structuring investments and managing our balance sheet.
As a result, approximately $2.4 billion has been returned to shareholders
through dividends since 2004.

Over the last few quarters, we have demonstrated our commitment to expand our
investment focus to assets and markets with a lower carbon footprint,
illustrated by our recent ordering of dual fuel car carriers and investments in
newer vessels with modern eco features. At the same time, we have divested of
older and less fuel efficient vessels in the fleet.

We increase our quarterly dividend and see several investment opportunities
ahead in modern maritime assets with long term charter coverage».

Quarterly Dividend

The Board of Directors has declared a quarterly cash dividend of $0.18 per
share. The dividend will be paid on or around December 29, to shareholders on
record as of December 15, and the ex-dividend date on the New York Stock
Exchange will be December 14, 2021.

November 10, 2021

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.

Questions can be directed to SFL Management AS:

Investor and Analyst Contact

Aksel C. Olesen, Chief Financial Officer: +47 23114036
André Reppen, Chief Treasurer and Senior Vice President: +47 23114055
Marius Furuly, Vice President - Finance: +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 is split between container vessels, bulkers,
tankers 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, including the bankruptcy proceedings relating to Seadrill and
certain of its subsidiaries 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, amortization and capital payments.

More information:
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546440_SFL - Third Quarter 2021 Results.pdf

Source

SFL Corporation Ltd.

Provider

Oslo Børs Newspoint