SFL - Third Quarter 2024 Results

06 Nov 2024 12:30 CET

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Preliminary Q3 2024 results and quarterly cash dividend to $0.27 per share

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Hamilton, Bermuda, November 6, 2024, SFL Corporation Ltd. ("SFL" or the
"Company") today announced its preliminary financial results for the quarter
ended September 30, 2024.

Highlights

* 83(r)(d) consecutive quarterly dividend declared, $0.27 per share
* Net profit of $44.5 million, or $0.34 per share in the third quarter
* Received charter hire(1) of $263.2 million in the quarter, including $4.2
million of profit share
* Adjusted EBITDA(2) of $158.8 million from consolidated subsidiaries, plus
$7.9 million adjusted EBITDA(2) from associated companies
* Delivery of the newbuild LR2 product tankers SFL Taurus in August and SFL
Tigris in October
* Delivery of the LNG dual-fuel 33,000 dwt chemical tankers SFL Aruba and SFL
Bonaire in August
* More than $1 billion of financing amounts raised
* Issuance of a new NOK 750 million bond due 2029
* Agreed sale of an older 1,700 teu feeder container vessel subsequent to
quarter end

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

«Over the last decade SFL has transformed from a vessel financing provider to a
maritime infrastructure company, with the vast majority of assets on long term
time charters to end users. As part of this transformation, SFL has taken major
steps to renew the fleet with modern high efficiency vessels, including multiple
vessels with dual-fuel propulsion on the water and further newbuilds on order.

The strength of our operating platform is illustrated by our ability to execute
multiple repeat transactions with industry leading counterparties, and we have
added more than $2 billion to our backlog so far this year. Our fixed rate
charter backlog now stands at approximately $4.7 billion, of which two thirds is
to customers with investment grade rating, providing excellent cash flow
visibility.»

Quarterly Dividend

The Board of Directors has declared a quarterly cash dividend of $0.27 per
share. The dividend will be paid on or around December 27, 2024. The record date
and ex-dividend date on the New York Stock Exchange will be December 13, 2024.

The full report can be found in the link below and at the Company's website
www.sflcorp.com

Webcast and Presentation

In connection with the earnings release, a webcast will be held today at 10:00
AM (EST) / 4:00 PM (CET)

In order to listen to the webcast 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 "Webcasts", or access directly via
the webcast link below. The webcast with slideshow will be played from this
platform:

SFL Corporation Ltd. Q3 2024 Webcast (https://connectstudio-portal.world-
television.com/en/64c901b7ac3efa325c227857)
(https://connectstudio-portal.world-television.com/en/64c901b7ac3efa325c227857)
B: Join Conference Call to Participate in Live Q&A through Zoom:
Join through the Zoom link below to ask a question:

SFL Q3 2024 Q&A
(https://wtvglobal.zoom.us/j/93689829186?pwd=EzDOjg7t8L2bVWSHF1l5NrH8fRJqfG.1)

Meeting ID: 936 8982 9186
Passcode: 111491

In conjunction with the quarterly results, we have published a short video in
which Ole Hjertaker, CEO of SFL, discusses the highlights of the second quarter.
The video can be accessed through SFL Corporation Ltd.'s linkedin profile
(https://bm.linkedin.com/company/sflcorp).

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

Espen Nilsen Gjøsund, Vice President - Investor Relations +47 47500500
Aksel C. Olesen, Chief Financial Officer: +47 23114036

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 is comprised 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 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 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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(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 and attributable mobilization
fees, if any. 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.

More information:
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631389_SFL - Third Quarter 2024 Results.pdf