Slide 1: Q2 2023 Results Presentation
SFL Corporation Ltd. Q2 2023 Results Presentation 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management's examination of historical operating trends, data contained in the Company’s re
Slide 3: Q2 2023 Highlights
Q2 2023 Highlights GROSS REVENUE(1) • Approximately 91% from long term charters $174m • Adjusted EBITDA(2) of $109m NET INCOME • Earnings per share of $0.13 $17m • Impacted by Hercules yard stay and gain from sale of assets DIVIDEND • 78th consecutive quarterly dividend $0.24/share • >9% dividend yi
Slide 4: Recent Events
Recent Events HERCULES • Hercules commenced drilling in Canada with Exxon mid July BACK IN SERVICE • Will mobilize to Namibia later in 2023 NEW HERCULES • One plus one optional well (~200 days) contract with Equinor Canada CONTRACT • >$200m backlog through Q3 2024 and increasing dayrates VESSEL • Ba
Slide 5: SFL – A Maritime Infrastructure Company
SFL – A Maritime Infrastructure Company PORTFOLIO(1) CONTRACTED REVENUE(2) Contract duration(3) 36 Container 6.5 years 6% 7 Car carrier 7.8 years 12% 13 Tanker 4.8 years 16% $3.6bn 48% 2 Energy 4.1 years 15 Dry bulk 5.1 years 17% CHARTER HIRE Q2 2023 Bareboat charter 8% Container Car carrier Energy
Slide 6: Operational Performance Highlights
Operational Performance Highlights MARKET REVENUE CHARTER TYPE1) OPERATING DAYS2) UTILIZATION3) OPEX4) Q2 2023 Q1 2023 Q2 2023 Q2 2023 Q2 2023 Q2 2023 BB $90m $91m $15.5m 3,270 99.8% Container TC 87% $6m $6m $2.1m 273 100% Car carrier 100% $47m $12.6m $35m 1,346 99.6% Tanker 94% $24m $20m $13.7m 1,3
Slide 7: Continuously Reducing Greenhouse Gas Emissions
Continuously Reducing Greenhouse Gas Emissions Investing in four LNG dual-fuel car carrier newbuildings • Delivery in 2H 2023 and 1H 2024 • 10 year time charters from delivery Key measures taken for existing fleet • Investment in hull modifications and energy saving devices • Performance management
Slide 8: SFL Financial Performance
SFL Financial Performance ADJUSTED EBITDA Q2 2023 BREAKDOWN(1) In millions $6 $19 $24 ($68) $2 $35 $174 $109 $90 Container Tanker Dry bulk Energy Car carriers Gross Operating and Other income Adj. EBITDA revenue (incl. G&A expenses profit share) 1) Pro-forma illustration of cash flow is not as accou
Slide 9: Income Statement
Income Statement Revenue (in thousands of $ except per share data) Three months ended Jun 30, 2023 Mar 31, 2023 • $174m of charter hire, including share of revenue from associates and those classified Charter revenues: operating leases and revenue contracts 160,480 166,403 as repayment and profit sh
Slide 10: Balance Sheet
Balance Sheet Cash and liquidity (in thousands of $) Jun 30, 2023 Mar 31, 2023 • $201m at quarter end ASSETS Short term • New financings increasing liquidity by 201,466 185,193 Cash and cash equivalents >$100m in Q2 Investment in marketable securities 5,866 7,100 Amount due from related parties 3,58
Slide 11: Q2 2023 Summary
Q2 2023 Summary $3.6bn fixed revenue backlog 78th $201m consecutive Cash and cash quarterly equivalents dividend $0.24 Dividend per share $100m share buyback program 11