SFL – Preliminary Q4 2020 results and quarterly cash dividend of $0.15 per share

 Preliminary Q4 2020 results and quarterly cash dividend of $0.15 per share

Hamilton, Bermuda, February 17, 2021. SFL Corporation Ltd. (“SFL” or the “Company”) today announced its preliminary financial results for the quarter ended December 31, 2020.


  • 68th consecutive quarterly dividend declared, $0.15 per share
  • Operating revenue of approximately $115 million, and net loss of $165 million in the fourth quarter after a net negative impact of $187 million relating to a drilling rig
  • Received charter hire1 of approximately $144 million in the quarter from the Company’s vessels and rigs, including $5.3 million of profit share
  • Adjusted EBITDA2 of $96.1 million from consolidated subsidiaries, plus an additional $10.1 million adjusted EBITDA2 from wholly owned non-consolidated subsidiaries

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

«With the anticipated Chapter 11 filing in Seadrill now in progress, we are pleased to see two of the rigs being continuously employed in the relatively strong harsh environment drilling market. The agreement in place with Seadrill will, subject to final court approval, ensure cash flow and uninterrupted operations for the oil majors who use these rigs.

SFL owns and manages a large and diversified fleet, of more than 80 vessels. Cash flow from these assets have remained strong with no material operational impacts following the pandemic outbreak. We see signs of a positive supply and demand balance in many maritime markets, and our strong investment capacity remains intact.  Importantly, we are committed to expanding our investment focus to assets and markets with a lower carbon footprint, to position our portfolio for the future.»

Quarterly Dividend

The Board of Directors has declared a quarterly cash dividend of $0.15 per share. The dividend will be paid on or around March 30, to shareholders on record as of March 15, and the ex-dividend date on the New York Stock Exchange will be March 12, 2021.

February 17, 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, Senior Vice President and Chief Treasurer: +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 more than 80 vessels is split between tankers, bulkers, container vessels 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.

Forward Looking Statements

This press release contains 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 including fluctuations in charter hire rates and vessel values, changes in demand in the markets in which the Company operates, changes in demand resulting from changes in the Organization of the Petroleum Exporting Countries’ petroleum production levels and worldwide oil consumption and storage, developments regarding the technologies relating to oil exploration, 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, 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 its charterers and other counterparties with whom the Company deals, the impact of any restructuring of the counterparties with whom the Company deals, including the restructuring of Seadrill Limited, timely delivery of vessels under construction within the contracted price, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including any changes to energy and environmental policies and changes attendant to trade conflicts, potential disruption of shipping routes due to accidents or political events, the length and severity of the ongoing coronavirus outbreak and its 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.

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-GAAP measure. It represents cash receipts from operating activities before net interest, amortizations and capital payments.