SFL - Third Quarter 2022 Results

14 Nov 2022 12:29 CET

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Preliminary Q3 2022 results and quarterly cash dividend of $0.23 per share

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Hamilton, Bermuda, November 14, 2022. SFL Corporation Ltd. ("SFL" or the
"Company") today announced its preliminary financial results for the quarter
ended September 30, 2022.

Highlights

* 75(th) consecutive quarterly dividend declared, $0.23 per share
* Net profit of $49.9 million, or $0.39 per share in the third quarter
* Received charter hire of approximately $177.5 million in the quarter from
the Company's vessels and rigs, including $11.3 million of profit share
* Adjusted EBITDA of $117.7 million from consolidated subsidiaries, plus an
additional $7.9 million adjusted EBITDA2 from associated companies
* Acquisition of two newbuilding feeder container vessels with seven year
charters to Maersk and a car carrier with six year charter to a leading car
carrier operator
* Delivery of four modern suezmax tankers which immediately commenced six year
charters to a subsidiary of Koch Industries, a world leading industrial
conglomerate

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

«We are pleased to declare our 75th consecutive dividend, demonstrating our
unwavering commitment to return value to the shareholders, with more than $2.5
billion paid in dividends so far. Furthermore, our fixed-rate charter backlog
currently stands at $3.8 billion after adding approximately $1.6 billion the
last 12 months, providing us with strong visibility on our long term dividend
distribution capacity going forward.

Our full-service time charter offering and energy efficiency initiatives across
the fleet has given us the opportunity to do multiple repeat transactions with
several of our industry leading counterparties. Many of the recent charters
include profit sharing features, and we remain committed to continue to grow and
diversify our portfolio».

Quarterly Dividend

The Board of Directors has declared a quarterly cash dividend of $0.23 per
share. The dividend will be paid on or around December 30, 2022, to shareholders
of record as of December 14, 2022, and the ex-dividend date on the New York
Stock Exchange will be December 13, 2022.

November 14, 2022
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 may 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 comprises of container vessels, car carriers,
tanker vessels, bulkers 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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