SFL Company Ltd. (NYSE: SFL) (“SFL” or the “Firm”) introduced right this moment that it has agreed to amass three Suezmax tankers together with long-term charters from a commodity buying and selling and logistics firm. base on the earth.
The ships are inbuilt 2019 and have the most recent eco-design options, together with exhaust fuel cleansing programs. The Firm expects to take supply of the vessels within the fourth quarter.
The vessel constitution interval shall be not less than 5 years with choices to increase thereafter, including roughly $ 140 million to SFL’s mounted fee order backlog. The charterer may also have the potential of growing a sale of the vessels through the constitution interval, topic to a profit-sharing mechanism with SFL.
Ole B. Hjertaker, CEO of SFL Administration AS, mentioned in a remark: “This acquisition demonstrates our skill to attain sustained progress by new transactions with sturdy counterparties in a number of segments of transport. The spot marketplace for tankers is at present weak and asset values haven’t budged like many different segments of transport. From a counter-cyclical perspective, subsequently, we consider that this may very well be an attention-grabbing entry level together with long-term charters. We added over $ 850 million to our backlog this yr and can proceed to discover new alternatives sooner or later ”.
September 7, 2021
Board of administrators
SFL Company Ltée.
Investor and analyst contacts:
Aksel Olesen, Chief Monetary Officer, SFL Administration AS
+47 23 11 40 36
André Reppen, Chief Treasurer and Senior Vice President, SFL Administration AS
+47 23 11 40 55
Ole B. Hjertaker, Managing Director, SFL Administration AS
+47 23 11 40 11
SFL has distinctive expertise within the marine trade and has paid dividends quarterly since its IPO on the New York Inventory Trade in 2004. The Firm’s vessel fleet is cut up between container ships, bulk carriers, tankers and rigs. offshore drilling. SFL’s long-term distribution functionality is supported by a long-term constitution portfolio and vital progress within the asset base over time. Additional data is on the market on the Firm’s web site: www.sflcorp.com
Warning concerning forward-looking statements
This press launch might comprise forward-looking statements. These statements are primarily based on numerous assumptions, a lot of which in flip are primarily based on different assumptions, together with SFL’s administration overview of historic working traits, knowledge within the Firm’s information and different knowledge. obtainable from third events. Though SFL believes these assumptions had been cheap once they had been made, because the assumptions are inherently topic to vital uncertainties and contingencies that are tough or inconceivable to foretell and are past its management, SFL can not assure that it’s going to obtain or obtain these expectations, beliefs or intentions. .
Vital components which, within the opinion of the Firm, may trigger precise outcomes to vary materially from these mentioned within the forward-looking statements embody the power of the worldwide economies, fluctuations in currencies and rates of interest, financial circumstances normal market circumstances within the transport trade, which is cyclical and unstable, together with fluctuations in constitution rental charges and vessel values, adjustments in demand within the markets by which the Firm operates, together with together with adjustments in client demand for petroleum to different vitality sources or adjustments in enterprise fashions for refined petroleum merchandise, adjustments in market demand in nations that import uncooked supplies and completed merchandise and adjustments within the quantity and placement of manufacturing of those uncooked supplies and completed merchandise, technological innovation within the sectors by which we function and the standard and effectivity necessities of consumers, elevated inspection procedures and import and export controls, adjustments within the operation of the Firm administration prices, together with bunkering costs, dry dock and insurance coverage prices, the efficiency of the Firm’s charterers and different counterparties with which the Firm offers, the influence of any restructuring of the counterparties with which the Firm offers, together with procedures for chapter referring to Seadrill and sure of its subsidiaries and the well timed supply of vessels below development throughout the limits of contract value, authorities legal guidelines and laws, together with environmental laws, that are along with our prices or the prices of our prospects, potential legal responsibility for ongoing or future disputes, potential disruption of transport routes as a result of accidents, ins political stability, terrorist assaults, piracy or worldwide hostilities, the period and severity of the present coronavirus epidemic and authorities responses to it and the influence on the demand for maritime transport buying and selling and the state of the monetary markets; and different materials components described occasionally in stories filed by the Firm with the US Securities and Trade Fee. SFL disclaims any intention or obligation to replace or revise any forward-looking assertion, whether or not because of new data, future occasions or in any other case, besides as required by regulation.