SFL - New Contract for Semi-Submersible Rig Hercules

17 Nov 2022 23:00 CET

SFL Corporation Ltd. (NYSE: SFL) ("SFL" or the "Company") announced today that
it has signed a contract with ExxonMobil Canada Ltd. for the harsh environment
semi-submersible rig Hercules with an estimated contract value of approximately
$50 million.

The contract is expected to commence in the second quarter of 2023 with a
duration of approximately 135 days and an extension option of 60 days.

Hercules is currently employed on a bareboat charter with Seadrill Limited,
expected to be finalized in late fourth quarter 2022. Odfjell Drilling will
manage the rig on our behalf thereafter, and the rig will undergo a scheduled
special periodic survey in Norway before mobilization to Canada.

Ole B. Hjertaker, CEO of SFL Management AS, said in a comment: «We are pleased
to announce this first contract for the Hercules after finalizing the long-term
charter to Seadrill. Odfjell Drilling is an industry leading harsh environment
drilling contractor, and together we are committed to deliver best-in-class
drilling services in the most demanding operating environments. We see an
increasing demand for harsh environment oil exploration and development, in a
market with few available drilling rigs with these capabilities. We are
therefore optimistic on the prospects for longer-term employment from 2024
onwards for Hercules».


November 17, 2022

The Board of Directors
SFL Corporation Ltd.
Hamilton, Bermuda

Investor and Analyst Contacts:
Aksel Olesen, Chief Financial Officer, SFL Management AS
+47 23 11 40 36
André Reppen, Chief Treasurer & Senior Vice President, SFL Management AS
+47 23 11 40 55
Marius Furuly, Vice President - IR, SFL Management AS
+47 23 11 40 16

Media Contact:
Ole B. Hjertaker, Chief Executive Officer, SFL Management AS
+47 23 11 40 11

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 comprised 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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