SFL - New Contract for Semi-Submersible Rig Hercules

Preliminary Q3 2022 results and quarterly cash dividend of $0.23 per share

Hamilton, Bermuda - November 17, 2022

SFL Corporation Ltd. (NYSE: SFL) ("SFL" or the "Company") announced today that it has signed a contract with ExxonMobil Canada Ltd. for the harsh environment semi-submersible rig Hercules with an estimated contract value of approximately $50 million.

The contract is expected to commence in the second quarter of 2023 with a duration of approximately 135 days and an extension option of 60 days.

Hercules is currently employed on a bareboat charter with Seadrill Limited, expected to be finalized in late fourth quarter 2022. Odfjell Drilling will manage the rig on our behalf thereafter, and the rig will undergo a scheduled special periodic survey in Norway before mobilization to Canada.

Ole B. Hjertaker, CEO of SFL Management AS, said in a comment:

"We are pleased to announce this first contract for the Hercules after finalizing the long-term charter to Seadrill. Odfjell Drilling is an industry leading harsh environment drilling contractor, and together we are committed to deliver best-in-class drilling services in the most demanding operating environments. We see an increasing demand for harsh environment oil exploration and development, in a market with few available drilling rigs with these capabilities. We are therefore optimistic on the prospects for longer-term employment from 2024 onwards for Hercules".

About SFL
SFL has a unique track record in the maritime industry and has paid dividends every quarter since its initial listing on the New York Stock Exchange in 2004. The Company's fleet of vessels is comprised of container vessels, car carriers, tanker vessels, bulkers and offshore drilling rigs.

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 on the Company's website: www.sflcorp.com

SFL Corporation Ltd. press release