SFL Announces Preliminary Q2 2021 Results

Source: www.gulfoilandgas.com 8/18/2021, Location: South America

SFL Corporation Ltd. announced its preliminary financial results for the quarter ended June 30, 2021.

Highlights
• 70th consecutive quarterly dividend declared, $0.15 per share
• Operating revenue of approximately $116.8 million, and net profit of $19.5 million in the second quarter
• Received charter hire1 of approximately $141.5 million in the quarter from the Company’s vessels and rigs, including $3.6 million of profit share
• Adjusted EBITDA2 of $89.1 million from consolidated subsidiaries, plus an additional $13.7 million adjusted EBITDA2 from associated companies
• Agreement to acquire two 6,800 TEU container vessels in combination with 6-year charters to Maersk
• Agreement to acquire two 14,000 TEU container vessels on charter to Evergreen through 2023/2024
• Agreement to build two 7,000 CEU LNG dual fuel car carriers in combination with 10 year charters to a leading Asia-based transportation company

Ole B. Hjertaker, CEO of SFL Management AS, said in a comment:
«SFL has successfully committed close to $700 million towards accretive investments so far this year. In the process, we have expanded our relationship with some of our key clients by investing in modern eco-design containerships, and at the same time disposed of older less efficient vessels, demonstrating our commitment to further improve our carbon footprint pursuant to our ESG strategy.

In addition, we are expanding our high quality customer base with long term charters for our four newbuilding dual-fuel 7,000 CEU car carriers, adding more than $400 million in fixed rate time charters from delivery. This clearly demonstrates our ability to identify accretive transactions and reflects our stated commitment to continue building our contracted backlog supporting a long term distribution capacity.»

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 September 29, to shareholders on record as of September 15, and the ex-dividend date on the New York Stock Exchange will be September 14, 2021.


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