SFL - Third Quarter 2023 Results
Preliminary Q3 2023 results and increased
quarterly cash dividend to $0.25 per share
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
- 79th 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 79th 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
Webcast and Video
Presentation
In connection with the earnings release, a video
webcast will be held at 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
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 from this platform:
SFL Corporation Ltd. Q3 2023
WebcastB: Join Conference Call and Participate in Live
Q&A through Zoom: Join through the Zoom link below to ask a
question:SFL Q3 2023 Q&A
Meeting ID: 997 3220 1565Passcode: 300198
In conjunction with the quarterly results, we
have published a short video in which Ole Hjertaker, CEO of SFL,
discusses the highlights of the third quarter. The video can be
accessed through SFL Corporation Ltd.’s LinkedIn profile, or
directly by clicking here: SFL Corporation Ltd. Q3 2023
Highlights
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 23114036André
Reppen, Chief Treasurer and Senior Vice President: +47
23114055Marius Furuly, Vice President IR & Finance: +47
23114016
Media Contact
Ole B. Hjertaker, Chief Executive Officer: +47 23114011
About SFLSFL 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
StatementsThis 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.
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.
- SFL - Third Quarter 2023 Results
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