SFL Corporation Ltd. reports developments for an international ship-owning and chartering business with a fleet that includes tanker vessels, bulkers, container vessels, car carriers and offshore drilling rigs. Company updates center on preliminary quarterly results, cash dividends, long-term charter activity, vessel sales and investments, and contract activity tied to offshore drilling assets such as the semi-submersible rig Hercules.
SFL news also includes annual general meeting notices, Form 20-F annual report announcements and presentation materials for earnings calls. The company’s disclosures frequently connect operating revenue, charter hire, fleet employment and asset transactions to its maritime and energy-related asset base.
SFL Corporation Ltd. (NYSE: SFL) announced that Seadrill Ltd. has filed for Chapter 11 bankruptcy in Texas. In response, SFL secured agreements for two drilling rigs it leases to Seadrill to ensure continued operation. SFL will receive about 75% of leasing revenues sufficient to cover debt service for these rigs. However, the rig West Taurus is expected to be returned to SFL, resulting in a projected $187 million negative book adjustment in Q4 2020. The situation remains uncertain, but SFL is in talks with Seadrill and banks for a resolution.