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