Preliminary Q3 2019 results and quarterly cash dividend of $0.35 per shar
Hamilton, Bermuda, November 21, 2019. SFL Corporation Ltd. ('SFL' or the 'Company') today announced its preliminary financial results for the quarter ended September 30, 2019.
63rd consecutive quarterly dividend declared, $0.35 per share
Received charter hire1 of $152 million in the quarter from our vessels and rigs
Adjusted EBITDA2 of $90 million from consolidated subsidiaries in addition to $27 million from wholly-owned non-consolidated subsidiaries
Added approximately $161 million to the backlog of contracted future charter hire through vessel acquisitions and charter extensions in connection with installation of exhaust gas cleaning systems ('scrubbers').
Ole B. Hjertaker, CEO of SFL Management AS, said in a comment:
'In an environment where traditional capital sources for the maritime industries remain constrained, we see many growth opportunities for SFL, and our strong liquidity position and constant focus on balance sheet management supports the continued growth in our asset base.
With a versatile toolbox, including time charters, bareboat charters and financing structures, SFL is able to provide our customers with competitive tailor made solutions, demonstrated by our most recent transactions. We continuously evaluate new investment opportunities and expect to see new projects materialize in the coming months'.
The Board of Directors has declared a quarterly cash dividend of $0.35 per share. The dividend will be paid on or around December 27, to shareholders on record as of December 16, and the ex-dividend date on the New York Stock Exchange will be December 13, 2019.
November 21, 2019
The Board of Directors
SFL Corporation Ltd.
The full report can be found in the link below and at the Company's website www.sflcorp.com.
Questions can be directed to SFL Management AS:
Investor and Analyst Contact
Aksel C. Olesen, Chief Financial Officer: +47 23114036
André Reppen, Senior Vice President and Chief Treasurer: +47 23114055
Ole B. Hjertaker, Chief Executive Officer: +47 23114011
SFL Corporation Ltd. (NYSE: SFL) has a unique track record in the maritime industry, being consistently profitable and paying dividends every quarter since 2004. The Company's fleet of more than 90 vessels is split between tankers, bulkers, container vessels and offshore assets, and 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 at the Company's website www.sflcorp.com.
Forward Looking Statements
This press release contains 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 our 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 including fluctuations in charter hire rates and vessel values, changes in demand in the markets in which we operate, changes in demand resulting from changes in OPEC's petroleum production levels and worldwide oil consumption and storage, developments regarding the technologies relating to oil exploration, 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, increased inspection procedures and more restrictive import and export controls, changes in our operating expenses, including bunker prices, dry docking and insurance costs, performance of our charterers and other counterparties with whom we deal, timely delivery of vessels under construction within the contracted price, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission.
1Charter hire represents the amounts billable in the period by the Company and its 100% owned associates for chartering its vessels. This is mainly the contracted daily rate multiplied by the number of chargeable days plus any additional billable income including profit share. 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-GAAP measure. It represents cash receipts from operating activities before net interest and capital payments.