The following is a summary of the SFL Corporation Ltd. (SFL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• SFL Corporation reported Q1 revenues of $236 million, up by 13% from the previous quarter due to new car carriers and increased revenues on the Hercules drilling rig.

• The company's EBITDA reached around $152 million for the quarter, reflecting a significant increase over the prior quarter.

• Net income for the quarter was approximately $45 million, equivalent to $0.36 per share.

• SFL issued a senior unsecured sustainability link bond loan amounting to $150 million for debt refinancing and general corporate purposes.

• The company declared and increased its quarterly dividend to $0.27 per share, marking its 81st dividend declaration.

Business Progress:

• SFL diversified its fleet and has a fixed-rate backlog of roughly $3.6 billion.

• The company announced the acquisition of three LR2 product tankers and two chemical carriers, bolstering its fleet capacity.

• Charter agreements, including extensions with Maersk Line, added approximately $250 million to the charter backlog.

• Investments in energy efficiency are being rolled out across the long-term chartered fleet, including hull and propeller modifications.

• The company plans to increase the cargo intake up to nominally 15,400 TEU by increasing dead weight and modifying lashing bridges and lashing gears.

• SFL is exploring opportunities for the Hercules rig in harsh, deepwater environments.

• The extension of license for the Linus at the Ekofisk field till 2048 signifies potential additional business.

• The company plans to further grow the company and increase dividend rewards over time. It also aims to optimize fuel consumption, reduce emissions, and cut logistic costs.

More details: SFL Corp IR

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