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SFL Corporation Ltd. (NYSE: SFL) owns three drilling rigs leased to Seadrill subsidiaries. Seadrill has initiated forbearance agreements with creditors due to missed interest payments in September 2020, allowing time for balance sheet restructuring. Although Seadrill has paid the charter hire for September, the non-payment constitutes an event of default that could enforce cross-default provisions under SFL's leasing agreements. Despite challenges, SFL maintains dialogue with Seadrill and banks to seek solutions.
SFL Corporation Ltd. held its 2020 Annual General Meeting on August 31, where key resolutions were approved. These included setting the maximum number of directors at eight, re-electing existing directors, and increasing the authorized share capital from US$2,000,000 to US$3,000,000. The shareholders approved a remuneration package for the Board of Directors, totaling US$800,000 for the fiscal year. The company has maintained a consistent dividend payout since its NYSE listing in 2004, with a fleet of over 80 vessels across various sectors.
SFL Corporation Ltd. reported its preliminary Q2 2020 results, declaring a quarterly cash dividend of $0.25 per share, marking the 66th consecutive quarterly dividend. The company achieved operating revenue of $118 million and net income of $12 million, despite $15.8 million in negative adjustments. Charter hire collected was approximately $158 million, with a charter backlog increase of $95 million. The dividend will be paid on or around September 30, 2020, to shareholders on record as of September 17.
SFL Corporation Ltd. (NYSE: SFL) will release its preliminary financial results for Q2 2020 on August 18, 2020. A conference call and webcast will be held the same day at 10:00 AM EST / 4:00 PM CET. Interested parties can access materials via the Investor Relations section of the company’s website, www.sflcorp.com. The call allows for a Q&A session, and a replay will be available for seven days. SFL has maintained a dividend payout every quarter since its NYSE listing in 2004, operating a diverse fleet of over 80 vessels.
SFL Corporation Ltd. (NYSE: SFL) has scheduled its 2020 Annual General Meeting for August 31, 2020, with a record date for voting set on July 17, 2020. The official notice and agenda will be distributed prior to the meeting. SFL has a strong record in the maritime sector, paying dividends quarterly since its NYSE listing in 2004. The company operates a diverse fleet of over 80 vessels, including tankers and offshore drilling rigs, backed by long-term charters that support its distribution capabilities.
SFL Corporation Ltd. (NYSE: SFL) announced that Hunter Group ASA will exercise purchase options on two VLCCs, Hunter Atla and Hunter Saga, expected to increase SFL's cash balance by approximately $23 million. These proceeds are set to be reinvested in new assets. SFL anticipates the purchase option for a third VLCC, Hunter Laga, to be exercised later this year. CEO Ole B. Hjertaker highlighted the attractive returns and low risk of this transaction, emphasizing SFL's unique position as a capital provider in the maritime industry.
The preliminary results for the first quarter, scheduled for presentation on May 20, 2020, will provide key financial insights. This announcement emphasizes the importance of upcoming metrics that may affect investors' decisions. The link to the detailed presentation is included, which could offer deeper analysis into revenue, expenses, and other financial indicators that are crucial for stakeholders.
SFL Corporation Ltd. announced its preliminary Q1 2020 results, reporting operating revenue of $122 million but a net loss of $87 million, influenced by $114 million in non-cash adjustments. This marks the 65th consecutive quarterly dividend declared at $0.25 per share, with payment expected on June 30 to shareholders recorded by June 18. The company secured charter hire of $161 million and increased its fixed rate charter backlog by $230 million. Notably, SFL remains committed to operational safety amidst COVID-19 impacts, with continued payments from counterparties.
SFL Corporation Ltd. (NYSE: SFL) has finalized the acquisition of a new 308,000 dwt crude oil carrier (VLCC) along with a 7-year bareboat charter, boosting its fixed-rate charter backlog by nearly $60 million. The vessel, purchased for $65 million, is expected to deliver from China in Q2 2020, contributing cash flow starting Q3 2020. This acquisition includes a sub-charter to an oil major, ensuring stable cash flow, with funding secured through a $50 million non-recourse bank debt facility. The company anticipates over $4 million net cash flow annually after servicing the debt during the first three years.
SFL Corporation Ltd. (NYSE: SFL) will release its preliminary financial results for Q1 2020 on May 20, 2020. A conference call and webcast for all stakeholders will follow at 10:00 AM EST. Key details for accessing the event include a US Toll-Free number at +1 877 870 9135 and an international dial-in at +47 21 56 30 15, with Conference ID 3186887. A replay will be available for seven days. SFL has maintained a strong performance in the maritime industry, consistently paying dividends since 2004.