SFL - First Quarter 2025 Results

14 May 2025 12:04 CEST

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Preliminary Q1 2025 results and quarterly cash dividend of $0.27 per share

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Hamilton, Bermuda, May 14, 2025, SFL Corporation Ltd. ("SFL" or the "Company")
today announced its preliminary financial results for the quarter ended March
31, 2025.

Highlights

* 85(th) consecutive quarterly dividend declared, $0.27 per share
* Net loss of $31.9 million, or $0.24 per share in the first quarter, after
impairments relating to older dry bulk vessels
* Received charter hire(1) of $193.5 million in the quarter, including $1.5
million of profit share
* Adjusted EBITDA(2) of $108.0 million from consolidated subsidiaries, plus
$7.7 million adjusted EBITDA(2) from associated companies
* $10 million share buyback at an average price of $7.98 per share
* Fleet renewal continues with the sale of older dry bulk vessels and
containerships

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

«The first quarter result was impacted by several one-off items, including
impairments on some older dry-bulk vessels traded in the spot market, and also
the drilling rig Hercules being idle in the quarter. The rest of the portfolio
is performing very well, and we have upgraded several vessels in the quarter,
boosting both cargo intake and fuel efficiency in connection with charter
extensions at higher rates than before.

We continue to renew our fleet and have recently agreed to divest some older
bulkers and containerships traded in the spot market. Our focus remains on
assets with charter backlog supporting our long term dividend distribution
capacity. In addition, we have been actively repurchasing shares in the recent
market softness, as part of our overall capital allocation strategy with the aim
to maximize long term distribution capacity per share».

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 June 27, 2025. The record date and
ex-dividend date on the New York Stock Exchange will be June 12, 2025.

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. Q1 2025 Webcast (https://connectstudio-portal.world-
television.com/64c901b7ac3efa325c227857/registration)
(https://connectstudio-portal.world-
television.com/64c901b7ac3efa325c227857/registration)
B: Join Conference Call to Participate in Live Q&A through Zoom:
Join through the Zoom link below to ask a question:

SFL Q1 2025 Q&A
(https://wtvglobal.zoom.us/j/98713769231?pwd=qFD9IKgBTbg9J2bgyeDTsmOG7DyC0H.1)

Meeting ID: 987 1376 9231
Passcode: 575863

In conjunction with the quarterly results, we have published a short video in
which we discuss the highlights of the 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.

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646298_SFL - First Quarter 2025 Results.pdf