SFL Corporation Ltd. announced its preliminary financial results for the quarter ended September 30, 2023.
Highlights
79th consecutive quarterly dividend declared, increased to $0.25 per share
Net profit of $29.3 million, or $0.23 per share in the third quarter
Received charter hire1 of $214 million in the quarter, including $2.6 million of profit share
Adjusted EBITDA2 of $122.4 million from consolidated subsidiaries, plus an additional $7.9 million adjusted EBITDA2 from 49.9% owned associated companies
Delivery of Emden, our first LNG dual-fuel Car Carrier
Successful completion of Hercules’ drilling contract for ExxonMobil in Canada, and mobilization to new contract in Namibia
Subsequent to quarter end, Maersk has declared an extension option for the 9,500 teu container vessel Maersk Sarat until mid 2025
Ole B. Hjertaker, CEO of SFL Management AS, said in a comment:
«We are very pleased to increase the distribution to our shareholders as we take delivery of our first dual-fuel newbuilding and pay our 79th consecutive dividend. Our harsh environment semi-submersible rig Hercules is back in operation, and the next three car carrier newbuilds will be delivered over the next few quarters. This, combined with strong contract renewals for existing vessels, is expected to increase our charter revenues and further support a long term distribution capacity.
The revenue growth is not only enabled by our full-service time charter offering, but also by our consistent focus on maintaining a modern high quality fleet and initiating energy efficiency projects across our assets. The strength of our offering is further illustrated by our ability to execute multiple repeat transactions with several industry leading counterparties and continuously build our fixed rate charter backlog, currently standing at $3.4 billion»
Quarterly Dividend
The Board of Directors has declared a quarterly cash dividend of $0.25 per share. The dividend will be paid on or around December 28, to shareholders of record as of December 15, and the ex-dividend date on the New York Stock Exchange will be December 14, 2023.
Source: Ship Finance International