Announced their Q3 2025 results earlier today. First take, after skimming the presentation
- Operating rev of $178M
- Net Income of $8.6M
- Declared div of 20c/sh
https://ml-eu.globenewswire.com/Resource/Download/298a0e34-f232-4b42-8edb-0bee00894ece
The concern, as it was prior to making the SFL nibble decision - the short term debt number - over $800M. It needs to be “punted”, or somehow cut in half. Else, there’s the risk of another div cut. Not too worried about newbuild financing. That’s further down the road, and should be easier to arrange given the contracts attached to those vessels. Rig Hercules still idle. Contract backlog decent for fleet size
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Went through the Earnings Call transcript for additional data-points. Not too much additional stuff. One analyst asked whether the rig Hercules would bid for new Gulf of Mexico/America drilling activity. SFL CEO said not too likely. The reason being the rig is a harsh environment rig, and SFL would prefer to focus on North Sea, Canada, perhaps, Namibia as fewer rigs are capable of drilling. I think the implication being, more competitors means lower drilling rates in a benign environment.
https://seekingalpha.com/article/4841974-sfl-corporation-ltd-sfl-q3-2025-earnings-call-transcript
. The was an incident involving one of the SFL car carriers. At the time, the vessel was headed to a dry dock. Vessel was inspected, no serious damage. Insurance on vessel covers any work needed to make vessel sea-worthy.
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