SFL Posts $24 Million Net Income in Q4

SFL

SFL Corporation Ltd. announced its preliminary financial results for the quarter ended December 31, 2019.

Highlights

  • 64th consecutive quarterly dividend declared, $0.35 per share
  • Operating revenue of $120 million, and net income of $24 million in the fourth quarter
  • Received charter hire1 of approximately $159 million in the quarter from the Company’s vessels and rigs, including $3.9 million of profit share
  • Adjusted EBITDA2 of $97 million from consolidated subsidiaries in addition to $27 million from wholly-owned non-consolidated subsidiaries
  • Sale of Frontline shares generated more than $100 million of cash
  • Issued NOK 600 million (approximately $67 million) senior unsecured bonds in January 2020
  • Sale of older VLCC and three offshore supply vessels in February 2020
  • Added approximately $224 million to the backlog of contracted future charter hire through vessel deliveries in addition to charter extensions and amendments in connection with installation of exhaust gas cleaning systems (“scrubbers”).

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

“SFL Corporation is entering the new decade with a strong balance sheet and significant capital available for new investments. We have now declared our 64th consecutive dividend, and have been profitable every quarter since our inception, which is a unique combination in the maritime world.

We have demonstrated our ability to continuously both renew and diversify our portfolio of assets and charters, supporting a long term distribution capacity. This has been achieved over multiple shipping cycles, by taking a very active approach to structuring our investments and managing our balance sheet. As a result nearly $27 per share or $2.3 billion in aggregate has been returned to shareholders through dividends since 2004.”

Quarterly Dividend

The Board of Directors has declared a quarterly cash dividend of $0.35 per share. The dividend will be paid on or around March 25, to shareholders on record as of March 11, and the ex-dividend date on the New York Stock Exchange will be March 10, 2020.

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