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SFL Declares Dividend for 71st Straight Quarter

SFL Corporation announced its preliminary financial results for the quarter ended September 30, 2021.

Highlights

• 71st consecutive quarterly dividend declared, $0.18 per share

• Operating revenue of approximately $135.4 million, and net profit of $33.2 million in the third quarter

• Received charter hire1 of approximately $155.9 million in the quarter from the Company’s vessels and rigs, including $7.0 million of profit share

• Adjusted EBITDA2 of $100.7 million from consolidated subsidiaries, plus an additional $11.5 million adjusted EBITDA2 from associated companies

• Agreement to acquire three modern Suezmax tankers in combination with 5-year charters to a world leading commodity trading and logistics company

• Sale of seven Handysize dry bulk vessels for a net sales price of $98 million

• Delivery of five container vessels on charters to Evergreen and Maersk

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

«SFL’s business model enables us to continuously renew and diversify our portfolio of assets and charters over time, supporting a long term distribution capacity. This has been achieved through multiple shipping cycles, by taking a very active approach to structuring investments and managing our balance sheet. As a result, approximately $2.4 billion has been returned to shareholders through dividends since 2004.

Over the last few quarters, we have demonstrated our commitment to expand our investment focus to assets and markets with a lower carbon footprint, illustrated by our recent ordering of dual fuel car carriers and investments in newer vessels with modern eco features. At the same time, we have divested of older and less fuel efficient vessels in the fleet.

We increase our quarterly dividend and see several investment opportunities ahead in modern maritime assets with long term charter coverage».

Quarterly Dividend

The Board of Directors has declared a quarterly cash dividend of $0.18 per share. The dividend will be paid on or around December 29, to shareholders on record as of December 15, and the ex-dividend date on the New York Stock Exchange will be December 14, 2021.

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