SFL - Fourth Quarter 2022 Results

Preliminary Q4 2022 results and increased quarterly cash dividend of $0.24 per share

Hamilton, Bermuda - February 15, 2023

SFL Corporation Ltd. ("SFL" or the "Company") today announced its preliminary financial results for the quarter ended December 31, 2022.


• 76th consecutive quarterly dividend declared, increased to $0.24 per share

• Net profit of $48.5 million, or $0.38 per share in the fourth quarter

• Received charter hire1 of approximately $208 million in the quarter, incl. $6.9 million of profit share

• Adjusted EBITDA2 of $127.5 million from consolidated subsidiaries, plus an additional $7.9 million adjusted EBITDA2 from 49.9% owned associated companies

• Four new vessels delivered during the fourth quarter, all with long term charters to leading blue-chip customers

• Agreed sale of a 2009-built Suezmax crude oil tanker with expected delivery in the first quarter

Ole B. Hjertaker, CEO of SFL Management AS, said in a comment: "SFL is pleased to announce yet another strong quarter, with growth in both revenues and EBITDA. Throughout 2022, we have continued building our portfolio through a combination of new long term charters on existing vessels and new acquisitions, increasing our fixed rate charter backlog to approximately $3.6 billion.

Since the inception of the Company in 2004, more than $2.5 billion has been returned to our shareholders through 76 consecutive cash dividends. And we have continuously demonstrated our ability to both renew and diversify our portfolio of assets and charters, supporting a sustainable long term distribution capacity."

Quarterly Dividend
The Board of Directors has declared an increased quarterly cash dividend of $0.24 per share. The dividend will be paid on or around March 30, 2023, to shareholders of record as of March 15, 2023, and the ex-dividend date on the New York Stock Exchange will be March 14, 2023.

The full report can be found in the link below and at the Company's website www.sflcorp.com.

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 comprises 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