SFL Corporation Ltd. has entered into a Second Amended and Restated Sales Agreement with BTIG, LLC that establishes an “at-the-market” share offering program. Under this arrangement, the company may, from time to time, sell up to $100 million of its common shares through BTIG as sales agent.
The agreement and related legal opinion are filed as exhibits and are incorporated by reference into SFL’s automatic shelf registration statement on Form F-3ASR, which became effective on March 17, 2026. The company also includes standard cautionary language regarding forward-looking statements and related risks.
SFL Corporation Ltd. is registering 10,000,000 common shares in a prospectus supplement dated March 17, 2026 to implement a Dividend Reinvestment Plan (the Plan). The Plan permits existing shareholders to reinvest cash dividends and new investors to make initial investments; common shares trade on the NYSE under the symbol SFL (last reported sale price $10.11 on March 16, 2026). Proceeds from shares sold under the Plan are intended for working capital, general corporate purposes, asset purchases, debt repayment and strategic transactions, with purchases effected from the company and/or in the open market per Plan mechanics.
SFL Corporation Ltd. entered into a Second Amended and Restated At-the-Market Sales Agreement to sell common shares having an aggregate offering price of up to $100,000,000 through BTIG, LLC as sales agent under the prospectus supplement dated March 17, 2026.
Sales will be made on an at-the-market basis on the NYSE or by other methods permitted under Rule 415, with BTIG paid a commission of up to 3.0% of gross proceeds. As of the prospectus supplement date, no shares have been sold under the Sales Agreement. Common shares outstanding were 144,582,927 as of March 17, 2026, and the last reported sale price on the NYSE was $10.11 on March 16, 2026. The company intends to use net proceeds for general corporate and working capital purposes, including potential vessel acquisitions, subject to the Sales Agreement terms.
SFL Corporation Ltd., a Bermuda-based owner of ships and offshore rigs listed on the NYSE, files its annual Form 20‑F outlining its global shipping and drilling business and extensive risk profile. The report emphasizes exposure to highly cyclical seaborne transportation and offshore drilling markets, macroeconomic volatility, sanctions, and regulatory change. As of December 31, 2025, SFL reports $2.6 billion of outstanding indebtedness under credit facilities, lease financing and bonds, plus $0.2 billion of finance lease obligations in associated companies. The company highlights long-term employment of jack-up rig Linus with ConocoPhillips in Norway until May 2029 and a new harsh-environment semi-submersible rig Hercules contract in Canada with estimated value of about $170 million over a minimum 400 days starting in the first quarter of 2027. SFL also details risks from climate transition, ESG expectations, cybersecurity threats, ballast water and recycling rules, and expanding sanctions regimes, all of which could affect demand, costs, vessel values and access to capital.
SFL Corporation reported a new long-term drilling contract in Canada for its harsh-environment semi-submersible rig Hercules. The agreement with a large investment grade multinational oil and gas company has an estimated value of about $170 million for a minimum term of 400 days.
The contract is expected to start in the first quarter of 2027, with the rig currently in Norway and due to be prepared for mobilization to Canada later in 2026. Odfjell Drilling will manage the rig on SFL’s behalf, and management believes this work positions Hercules well for future harsh-environment deepwater campaigns.
SFL Corporation Ltd. reported preliminary Q4 2025 results showing total operating revenues of $175.5 million and an adjusted EBITDA of $109 million, but a net loss of $4.7 million, or $0.04 per share.
The Board declared SFL’s 88th consecutive quarterly cash dividend of $0.20 per share, payable on or around March 30, 2026, with a record date of March 12, 2026. The fleet’s contracted fixed-rate charter backlog was approximately $3.7 billion with a weighted remaining term of 6.5 years, and about 66% from investment-grade customers.
During the quarter SFL generated gross charter hire of $176 million, sold two 2015-built Suezmax tankers for estimated net proceeds of about $52 million, and expensed a $23 million fee to release charters on two 2020-built Suezmax tankers. Cash and cash equivalents were $150.8 million, with around $46 million available under undrawn credit lines and more than $300 million in unencumbered assets based on broker estimates. Remaining capital expenditures of roughly $850 million relate to five 16,800 teu container newbuilds delivering in 2028 on 10‑year fixed-rate charters.
SFL Corporation Ltd. has agreed to sell two 2015-built Suezmax tankers, SFL Thelon and SFL Ottawa, which are currently on charter to a trading house. The gross sales price is expected to be approximately $57 million per vessel, with estimated net proceeds of about $26 million per vessel after repaying associated debt and paying a termination fee linked to a profit share arrangement.
SFL expects to record an aggregate book gain of roughly $23 million from the transaction. In addition, SFL and the same charterer have mutually agreed to terminate charters for two 2020-built Suezmax tankers, SFL Albany and SFL Fraser. These younger, scrubber-equipped, eco-design vessels will initially trade in the spot market, and the company may later seek longer-term charters. Management notes that part of the proceeds will be reinvested in younger, more fuel-efficient vessels that are positioned to benefit from a strong charter market with rates materially above the current fixed charter levels.
SFL Corporation Ltd. is registering 10,000,000 common shares for issuance under its Dividend Reinvestment Plan, allowing existing holders to reinvest cash dividends and new or current investors to buy additional shares through optional cash investments.
The plan permits initial investments starting at $250 and ongoing monthly purchases from $100 up to $10,000, with larger amounts possible upon company approval and potential pricing discounts. Fees apply to enrollments, dividend reinvestments, optional cash purchases and sales, and shares may be bought directly from SFL or in the open market. Net proceeds from newly issued shares will be used for working capital, general corporate purposes, asset purchases, debt repayment and strategic transactions.
SFL Corporation reported a sharp turnaround to a net loss of $21.8 million for the nine months ended September 30, 2025, compared with net income of $110.5 million a year earlier. Total operating revenues fell to $557.5 million from $675.3 million, mainly due to a 60% drop in drilling contract revenues as the rig Hercules was warm stacked and sought new employment.
The company also recorded a $34.1 million vessel impairment charge, largely on dry bulk carriers, and higher interest expense of $137.6 million. These factors offset generally steady time charter revenues. SFL continued to reshape its fleet, selling one container vessel, eight Capesize dry bulk carriers, five Supramax dry bulk vessels and seven container vessels previously under sales-type leases, generating $209.5 million in sale proceeds and a modest net gain.
Despite the loss, SFL produced $215.6 million of operating cash flow and ended the period with $278.2 million in cash. Total debt stood at $2.78 billion, with a significant portion maturing within 12 months; the company has begun refinancing discussions and notes a long track record of accessing bank and bond markets. It also maintains sizeable growth commitments, including $848.1 million for five dual-fuel 16,800 TEU container newbuildings delivering in 2028.
SFL Corporation reported preliminary Q3 2025 results and declared its 87th consecutive quarterly dividend.
Q3 highlights: total operating revenues of $178 million, Adjusted EBITDA of $113 million (including $8 million from associates), and reported net income of $8.6 million or $0.07 per share. The Board declared a cash dividend of $0.20 per share, payable on or around December 29, 2025, with record and ex-dividend dates on December 12, 2025.
The Company cited an estimated fixed-rate charter backlog of $4.0 billion with a weighted remaining term of 6.5 years, with about 67% linked to investment-grade customers. Q3 gross charter hire was $179 million, including $1.8 million of profit share. Cash and cash equivalents were $278 million, plus $44 million in undrawn credit lines. SFL has five 16,800 teu container vessels under construction for 2028 delivery, with remaining capex of about $850 million and separate upgrade capex of $28 million. The fleet optimization program continued, and energy assets include the Linus rig chartered to ConocoPhillips until May 2029, while the Hercules rig remains warm stacked.