SFL Q1 2023 earnings

Announced today (05/15)

  • Charter hire of $182.4M
  • Net profit of $6.3M (what’s up here?)
  • Declared a div of 24c/sh for Q1
  • Sale of Suezmax vessel and two chemical tankers. Other older Suezmax has also been sold
  • Major refinancing effort - around $1B in financing arranged for various vessels and rigs

SFL – First Quarter 2023 Results – Home (sflcorp.com)

Lots of moving pieces here.

  • I’m trying to figure where the SFL Hercules SPS expense is reported. Even if it was capitalized over 3-5 years, it should still be a significant entry. SFL mgmt report the total cost as $100M.
  • Some vessel sales. But, I expected the Suezmax proceeds would be significantly more
  • The size of the financing is impressive - remaining capex on new car carriers, refinancing of both drilling assets, 3 Suezmax vessels, etc.
  • A buyback announcement, plus an ATM offering.
  • revenue should improve with other drilling rig now operating