SFL Corp. Reports Fourth Quarter Net Loss of $165 Million

SFL Corporation Ltd. yesterday announced its preliminary financial results for the quarter ended December 31, 2020.

Highlights

68th consecutive quarterly dividend declared, $0.15 per share

Operating revenue of approximately $115 million, and net loss of $165 million in the fourth quarter after a net negative impact of $187 million relating to a drilling rig

Received charter hire1 of approximately $144 million in the quarter from the Company’s vessels and rigs, including $5.3 million of profit share

Adjusted EBITDA2 of $96.1 million from consolidated subsidiaries, plus an additional $10.1 million adjusted EBITDA2 from wholly owned non-consolidated subsidiaries

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

«With the anticipated Chapter 11 filing in Seadrill now in progress, we are pleased to see two of the rigs being continuously employed in the relatively strong harsh environment drilling market. The agreement in place with Seadrill will, subject to final court approval, ensure cash flow and uninterrupted operations for the oil majors who use these rigs.

SFL owns and manages a large and diversified fleet, of more than 80 vessels. Cash flow from these assets have remained strong with no material operational impacts following the pandemic outbreak. We see signs of a positive supply and demand balance in many maritime markets, and our strong investment capacity remains intact. Importantly, we are committed to expanding our investment focus to assets and markets with a lower carbon footprint, to position our portfolio for the future.»

Quarterly Dividend

The Board of Directors has declared a quarterly cash dividend of $0.15 per share. The dividend will be paid on or around March 30, to shareholders on record as of March 15, and the ex-dividend date on the New York Stock Exchange will be March 12, 2021.
Source: SFL Corporation Ltd.