Core Viewpoint - SFL Corporation Ltd. is set to release its preliminary financial results for Q2 2024 on August 14, 2024, and will host a conference call and webcast for stakeholders on the same day [1][2]. Company Overview - SFL Corporation Ltd. has maintained a consistent dividend payment record since its listing on the New York Stock Exchange in 2004, showcasing a strong track record in the maritime industry [3]. - The company's fleet includes various types of vessels such as tankers, bulkers, container vessels, car carriers, and offshore drilling rigs, supported by long-term charters and significant asset growth over time [3]. Conference Call Details - The conference call will take place on August 14, 2024, at 10:00 AM (EST) / 4:00 PM (CET), with relevant materials available on the company's Investor Relations website [1][2]. - Participants can join the conference call in listen-only mode via the company's website or participate in a live Q&A session through Zoom [2].

The net proceeds of the Offering are expected to be used for general corporate purposes, including but not limited to vessel acquisitions. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,200,000 Common Shares. The Offering is being made only by means of a prospectus supplement and accompanying base prospectus. A registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (the "SEC") and is effective. A final prospe ...

Core Viewpoint - SFL Corporation Ltd. plans to offer 8,000,000 common shares through an underwritten public offering, with net proceeds aimed at general corporate purposes, including vessel acquisitions [1]. Group 1: Offering Details - The offering will consist of 8,000,000 common shares with a par value of $0.01 each [1]. - Morgan Stanley is the sole bookrunning manager, while BTIG, LLC serves as the lead manager for the offering [2]. - The company intends to grant underwriters a 30-day over-allotment option to purchase an additional 1,200,000 common shares [6]. Group 2: Company Background - SFL Corporation has a strong track record in the maritime industry, having paid dividends quarterly since its NYSE listing in 2004 [4]. - The company's fleet includes tanker vessels, bulkers, container vessels, car carriers, and offshore drilling rigs, supported by long-term charters and asset growth [4]. Group 3: Regulatory and Documentation - The offering is being conducted via a prospectus supplement and accompanying base prospectus, with a registration statement filed with the U.S. Securities and Exchange Commission [7].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of May 2024 Commission File Number: 001-32199 SFL Corporation Ltd. (Translation of registrant's name into English) Par-la-Ville Place 14 Par-la-Ville Road Hamilton, HM 08, Bermuda (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under co ...

Financial Data and Key Metrics Changes - Total charter revenues for Q1 2024 were $236 million, a 13% increase from the previous quarter, driven by new car carriers and increased revenues from the drilling rig Hercules [7] - EBITDA equivalent cash flow was approximately $152 million, significantly higher than the previous quarter, with a total of $523 million over the last 12 months [8] - Net income for the quarter was around $45 million, or $0.36 per share, compared to $31.4 million or $0.25 per share in the previous quarter [40] Business Line Data and Key Metrics Changes - The container fleet generated gross charter hire of approximately $90 million, including $3 million in profit share related to fuel savings [26] - Tankers on long-term charters generated approximately $30 million in gross charter hire, consistent with the previous quarter [34] - The drilling rigs generated approximately $66.5 million in contract revenues, up from $45 million in the previous quarter, with Hercules contributing approximately $47 million [35][36] Market Data and Key Metrics Changes - The fixed rate backlog stands at approximately $3.6 billion, providing strong visibility on future cash flows [10][33] - The company has a diversified fleet with 76 maritime assets, with container vessels making up just under 50% of the backlog [18][19] Company Strategy and Development Direction - The company is focused on long-term charters with strong end users, moving away from financing-type bareboat charters [19] - Recent acquisitions include new dual fuel chemical carriers and long-term charters with Maersk, enhancing the charter backlog and revenue potential [11][15] - The company is investing in energy efficiency measures across its fleet to maintain competitiveness and reduce emissions [23][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market, citing low order books in specific segments and the potential for continued firm market conditions [48] - The company is monitoring opportunities for long-term contracts in the drilling sector, with a focus on maximizing the utilization of its assets [52][68] Other Important Information - The company announced an increase in its quarterly dividend to $0.27 per share, marking the 81st consecutive cash dividend [9][43] - A new $150 million senior unsecured sustainability-linked bond was raised to refinance existing debt and for general corporate purposes [16][41] Q&A Session Summary Question: Insights on recent chemical tanker acquisitions - Management explained the rationale for employing one vessel in Stolt-Nielsen's pool, highlighting the visibility on charter revenues and market opportunities [46][48] Question: Commentary on Hercules and Linus revenue - Management provided updates on Hercules mobilizing to Canada and the revenue increase for Linus due to index-linked contracts [50][53] Question: Thoughts on dividend sustainability - Management indicated a cautious approach to dividend increases, balancing between shareholder returns and investment opportunities [58][60] Question: Future employment opportunities for Hercules - Management discussed the potential for extended deployment of Hercules and the tight market for harsh environment rigs [56][66] Question: Long-term charter market in tankers - Management noted the shift towards long-term contracts in the tanker market and the company's strategy to find strong counterparties [67][68]

Financial Obligations and Shareholder Returns - The company redeemed the full outstanding amount of $84.9 million under the 4.875% senior unsecured convertible bonds due 2023, settling the remaining principal in cash [610]. - During the year ended December 31, 2023, the company repurchased a total of 1,095,095 shares at an average price of approximately $9.27 per share, totaling $10.2 million, with $89.8 million remaining under the authorized Share Repurchase Program [614]. - The company paid four dividends totaling $0.97 per common share, amounting to $123.0 million during 2023 [619]. - As of December 31, 2023, the company had total contractual cash obligations of $3,268.1 million, with $1,088.7 million due within one year [621]. Market Trends and Performance - The tanker market saw average earnings of approximately $40,000 per day in December 2023, with a forecasted crude tanker demand increase of approximately 5.9% for 2023 [628]. - The dry bulk fleet increased by 3.0% in total deadweight tonnage (dwt) during 2023, while demand increased by 4.4% in tonne miles [630]. - The containership charter market experienced a correction in 2023 but is now strengthening due to rerouting of vessels, resulting in elevated freight and chartering rates [632]. - Global seaborne container trade is estimated to have increased by 7% year over year during Q4 2023, with full year volumes only marginally up by approximately 0.3% or 1.6% in TEU-miles [633]. - The total container vessel fleet is projected to be 20% larger by the end of 2025 compared to the start of 2023, driven by continued fleet capacity growth [633]. Offshore Drilling Market Insights - The offshore drilling rig utilization improved from 83% in 2020 to 93% in 2023 due to increased global demand for oil and gas and a lower supply of offshore drilling rigs [635]. - Increased capital expenditures by oil and gas companies have led to more exploration and development activity, positively impacting the demand for offshore drilling rigs [635]. - The market outlook for offshore drilling rigs has improved as older rigs have been retired and demolished, contributing to better utilization rates [635]. - The offshore drilling market has faced challenges due to fluctuating oil prices, with Brent crude prices ranging from $20 in 2020 to above $100 per barrel in 2022 [634]. - Financial difficulties have been experienced by some drilling rig owners and operators due to lower oil prices since 2014, leading to breaches of bank covenants and financial restructurings [634]. Shipping Index and Volatility - At the end of January 2024, the Shanghai Containerized Freight Index (SCFI) increased to approximately 2,200 points, reflecting a recovery from the low of 1,030 points in January 2023, which was down 80% from the peak of 5,110 points in January 2022 [633]. - The SCFI index at the end of 2021 was over 5,000 points, indicating significant volatility in the container shipping market over the past few years [633]. - Market sources anticipate continued pressure for container shipping in the coming years, influenced by developments in the Red Sea [633]. Share Options and Capital - The company awarded a total of 440,000 options to officers, employees, and directors in February 2023, with an initial strike price of $10.34 per share [616]. - The additional paid-in capital arising from share options granted was $1.6 million in 2023 [615].

STATE OF THE ART EFFICIENY PROGRAM ON SIX VESSELS Supreme anti fouling paint New bulbous bow New propeller Exhaust gas cleaning systems Variable frequency drive for pumps and fans Capacity increase from 13,800 to 15,400 TEU by modifying lashing bridges and gears 20% EMISSION REDUCTION PER TEU -20% Pre upgrade Post upgrade 6 SFL Financial Performance | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------|----------------------------------------- ...

Financial Data and Key Metrics - Total charter revenues for Q4 2023 were $209 million, with EBITDA at $132 million, in line with Q3 2023 [4] - Net income for Q4 2023 was $31 million, or $0.25 per share, impacted by one-off items such as negative mark-to-market on hedging instruments and accounting effects on Hercules [4] - The company has paid dividends every quarter since 2004, accumulating to over $30 per share, or nearly $2.7 billion in total [5] - Fixed rate backlog stands at approximately $3.2 billion, concentrated around long-term charters with strong end users [5] Business Line Data and Key Metrics - The fleet consists of 73 maritime assets, including 15 dry bulk vessels, 36 container ships, 13 tankers, 2 drilling rigs, and 7 car carriers [7][8] - Utilization across the shipping fleet was 99.7% in Q4, with 99% utilization for drilling rigs [12] - Container fleet generated $92 million in gross charter hire in Q4, including $3.4 million in profit share from fuel savings [15] - Tankers generated $30 million in gross charter hire, while dry bulk carriers contributed $21 million, with $7.3 million from spot and short-term market [23][24] - Drilling rigs generated $44.9 million in contract revenues, down from $64.1 million in Q3 due to fewer contract days for Hercules [25][27] Market Data and Key Metrics - The company has diversified its fleet and counterparties, with container vessels now representing just under 50% of the backlog [16] - 95% of charter revenues in Q4 came from time charter contracts, with only 5% from bareboats or dry leases [17] - The company operates across multiple sectors, with commercial operations in Oslo and operational management in Singapore and Stavanger [18] Company Strategy and Industry Competition - The company has transformed its operating model over the last decade, moving away from bareboat charters to assume operating exposure, making it relevant for large industrial end users [9] - The company focuses on fleet optimization, including investments to minimize off-hire, increase cargo capacity, and reduce energy consumption, particularly in light of IMO carbon intensity regulations [11] - The company is working with main container charterers like Maersk and Hapag-Lloyd to increase energy efficiency, estimating a 20% reduction in fuel consumption and emissions per TEU carried [12][13] Management Commentary on Operating Environment and Future Outlook - Management highlighted the company's strong balance sheet, with $165 million in cash and cash equivalents at quarter-end, and a fixed charter rate backlog of $3.2 billion providing strong cash flow visibility [37] - The company is optimistic about 2024, with opportunities in multiple segments, including tankers, car carriers, and containers, despite a slow 2023 due to rising newbuilding prices and interest rates [41][44] - Management emphasized the importance of fuel efficiency and new fuel types, such as LNG and methanol, in future vessel investments [48][49] Other Important Information - The company has $77 million in remaining CapEx commitments for two car carriers under construction, with an estimated net cash proceeds of $45 million upon delivery [35] - The rig Linus is scheduled for a special periodic survey in Q2 2024, with an estimated net capital expenditure of $30 million [36] Q&A Session Summary Question: Opportunities for capital deployment in 2024 - Management sees opportunities in multiple segments, including tankers, car carriers, and containers, with a focus on long-term charters and fuel efficiency [41][44] Question: Container market dynamics and operational changes - Management noted that liner companies are focused on efficiency and cost per unit, with increasing interest in fuel-efficient vessels due to longer transportation legs caused by canal disruptions [45][46] Question: Dry bulk fleet and portfolio strategy - The dry bulk fleet is primarily traded in the short-term market due to limited long-term charter opportunities, with potential for asset sales if market conditions improve [51][53] Question: Geopolitical impact on business, particularly Red Sea disruptions - Management noted that while geopolitical issues like Red Sea disruptions increase fuel consumption for customers, the company's long-term charters mitigate direct financial impact [63][65]

Financial Performance - Total operating revenues for the nine months ended September 30, 2023, increased to $542.7 million, up 14.8% from $472.6 million in the same period of 2022[10] - Net income for the nine months ended September 30, 2023, decreased to $52.6 million, down 65.9% from $154.3 million in the same period of 2022[10] - Basic earnings per share for the nine months ended September 30, 2023, was $0.42, compared to $1.22 for the same period in 2022[10] - Comprehensive income for the nine months ended September 30, 2023, was $51.8 million, down from $172.0 million in the same period of 2022[12] - For the nine months ended September 30, 2023, the net income available to stockholders was $52.6 million, a decrease of 65.9% compared to $154.3 million for the same period in 2022[40] - The basic earnings per share (EPS) for the nine months ended September 30, 2023, was $0.42, down from $1.22 in the same period of 2022, reflecting a decline of 65.5%[40] - Net operating income decreased to $167.2 million for the nine months ended September 30, 2023, down from $201.1 million in the prior year, primarily due to expenses related to the Hercules drilling rig[184] - Net income for the period decreased by $101.7 million to $52.6 million, attributed to a rise in interest expenses by $44.5 million due to new loans for vessel acquisitions[185] - Tax expense of $2.3 million was reported for the nine months ended September 30, 2023, with no such expense in the same period in 2022[185] Assets and Liabilities - Total assets as of September 30, 2023, decreased to $3.67 billion from $3.86 billion as of December 31, 2022[16] - Total liabilities decreased to $2.63 billion as of September 30, 2023, from $2.77 billion as of December 31, 2022[16] - Cash and cash equivalents at the end of the period were $118.0 million, down from $188.4 million at the start of the period[18] - As of September 30, 2023, the Company had a net balance of $2,623.9 million in vessels, rigs, and equipment after accounting for depreciation and impairments[52] - As of September 30, 2023, total debt principal was $2,085.2 million, a decrease from $2,213.6 million as of December 31, 2022, reflecting a reduction of approximately 5.8%[76] - The current portion of finance lease liability increased significantly to $210.301 million from $53.655 million as of December 31, 2022[123] - As of September 30, 2023, the company had $432.96 million in total finance lease liabilities, a decrease from $472.996 million as of December 31, 2022[123] Revenue Breakdown - Time charter revenues increased by 11% to $388.5 million, driven by the acquisition of additional vessels[193] - Voyage charter revenues decreased by 34% to $31.3 million, primarily due to the sale of two Suezmax tankers and two chemical tankers[195] - Drilling contract revenues amounted to $102.0 million, significantly up from $0.2 million in the same period last year, following the commencement of operations for the Hercules rig[196] - River Box, an associated company, reported operating revenues of $13.8 million for the nine months ended September 30, 2023[72] Shareholder Actions - The company repurchased 1,095,095 shares during the nine months ended September 30, 2023[22] - The company declared dividends of $91.3 million for the nine months ended September 30, 2023, compared to $45.2 million in the same period of 2022[22] - The company declared dividends of $0.24 per share on three occasions during the nine months ended September 30, 2023[113] - A share repurchase program was authorized for up to $100 million, with 1,095,095 shares repurchased at an average price of approximately $9.27 per share, totaling $10.2 million[114] - The Company declared a dividend of $0.25 per share on November 8, 2023, payable on or around December 28, 2023[148] Financial Instruments and Debt - The weighted average interest rate for floating rate debt increased to 5.76% as of September 30, 2023, compared to 5.30% at the end of 2022[78] - The Company issued $150.0 million in senior unsecured sustainability-linked bonds in February 2023, with a fixed interest rate of 8.875% per annum[81] - A $150.0 million senior secured term loan facility was entered into in April 2023, with a net amount outstanding of $149.3 million as of September 30, 2023[82] - Lease debt financing increased to $515.0 million as of September 30, 2023, up from $394.6 million at the end of 2022[76] - The total net notional principal amount subject to interest rate swap agreements was $0.4 billion as of September 30, 2023, down from $0.6 billion at the end of 2022[91] - The Company redeemed NOK700 million senior unsecured floating rate bonds due 2023 in full at maturity in September 2023[94] - The Company has not entered into forward contracts for transaction or translation risk, exposing it to potential adverse effects from currency fluctuations[95] Asset Sales and Impairments - The Company recorded a gain of $2.2 million from the sale of the VLCC, Landbridge Wisdom, which generated net sale proceeds of $52.0 million[33] - The two Suezmax tankers sold during the nine months ended September 30, 2023, resulted in a gain of $16.4 million with net sale proceeds of $84.9 million[34] - The Company recorded an impairment loss of $7.4 million prior to the disposal of two chemical tankers during the nine months ended September 30, 2023[35] - A net gain of $18.7 million was recorded from the disposal of assets, including two Suezmax tankers and two chemical tankers[198] Investments and Capital Expenditures - Capital improvements of $120.2 million were made on the Hercules drilling rig, including $69.8 million for Special Periodic Survey costs[53] - The Company had total investments in sales-type leases and leaseback assets of $58.5 million as of September 30, 2023, down from $119.0 million at the end of 2022[64] - The Company has paid $102.0 million for two dual-fuel 7,000 CEU newbuilding car carriers, with the first delivered in September 2023 and the second in November 2023[159] - Capital commitments for shipbuilding contracts totaled $135.9 million as of September 30, 2023, down from $209.7 million for four newbuilding car carriers as of December 31, 2022[146] Other Financial Items - The Company reported a total other financial items net loss of $30,000 for the nine months ended September 30, 2023, compared to a gain of $13.4 million in the same period of 2022[43] - The Company recognized a mark to market loss of $0.5 million on equity securities during the nine months ended September 30, 2023[49] - The estimated fair value of interest rate and currency swap contracts was calculated using independent valuation techniques based on contracted cash flows and interest rates as of September 30, 2023[100] - The estimated fair value of NOK700 million senior unsecured floating rate bonds due 2024 was $65,753,000, compared to $70,734,000 as of December 31, 2022[96]

Financial Data and Key Metrics Changes - Charter revenues for the quarter were $214 million, up 23% from the previous quarter, primarily due to the drilling rig Hercules returning to service [5] - EBITDA equivalent cash flow for the quarter was approximately $130 million, higher than the second quarter, with a total of $485 million over the last 12 months [5] - Net income for the quarter was around $29 million or $0.23 per share, influenced by one-off items including gains on a vessel sale and mark-to-market effects [6][34] - The company increased its quarterly dividend to $0.25 per share, marking a commitment to return value to shareholders [7][36] Business Line Data and Key Metrics Changes - The drilling rigs generated approximately $64 million in contract revenues in Q3, compared to $19 million in Q2 [30] - The container fleet generated gross charter hire of approximately $91 million, including $2.6 million in profit share related to fuel savings [51] - The tanker fleet generated approximately $30 million in gross charter hire during the third quarter, down from $35 million in the previous quarter due to scheduled dry dockings [52] Market Data and Key Metrics Changes - The fixed rate backlog stands at approximately $3.4 billion, providing strong visibility on future cash flows [27][60] - The overall utilization across the shipping fleet was 99% in Q3, while drilling rigs had an 80.5% utilization rate [25] Company Strategy and Development Direction - The company has transitioned from a maritime leasing model to a maritime infrastructure provider over the last 10 years, focusing on long-term charters to strong end users [2][22] - The fleet composition has diversified, with a significant portion now on long-term charters, reducing reliance on bareboat contracts [23][47] - The company aims to reduce carbon emissions through fleet renewal and investment in more efficient ships [49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term market prospects for drilling rigs, citing positive tender activity and a tighter supply-demand balance [21] - The company anticipates lower revenues for Hercules in Q4 due to a long mobilization period, but expects strong revenue generation in subsequent quarters [58][60] - Management highlighted the importance of focusing on strong counterparties and avoiding desperation in deal-making during volatile market conditions [69][70] Other Important Information - The company fully repaid a Norwegian kroner-denominated bond loan of $48 million during the quarter [19] - The company has secured new financing arrangements of over $1 billion in 2023, enhancing its liquidity position [79] Q&A Session Summary Question: How does the company plan to manage dividend growth alongside the cyclical nature of the drilling rigs? - Management acknowledged the cyclical nature of the industry but emphasized the strong cash flow potential from the Hercules rig and other assets, indicating a focus on returning cash to shareholders [81][83] Question: What are the most interesting areas for potential deals looking forward? - Management indicated a focus on logistics-oriented deals, particularly in the car carrier segment, while remaining cautious about the container market due to its volatility [91] Question: How has the rising interest rate environment affected deal flow opportunities? - Management noted a decrease in overall deal volume but highlighted that higher borrowing costs could create opportunities for financing structures, particularly for strong counterparties [68][86]