SFL - Sale of suexmax and chemical tankers
SFL Corporation Ltd. (NYSE: SFL) (“SFL” or the "Company") announces that it has agreed to sell the two 2008-built chemical tankers SFL Weser and SFL Elbe to an unrelated third party. The sales proceeds to SFL are approximately $19.5 million for the debt free vessels. Both vessels have been employed in the spot market the last two years and delivery of the vessels to the buyer is expected to take place in the second quarter. A book impairment of approximately $7 million is expected to be recorded in the first quarter relating to the sales.
The 2009-built suezmax tanker Glorycrown, which was announced sold in February, has been delivered to its new owner in March. The final sales price of approximately $43.5 million is higher than previously disclosed, and a book gain of approximately $9 million is expected to be recorded in the first quarter relating to the sale.
Divesting of older vessels is part of SFL’s strategy to continuously renew and diversify its fleet, and the net cash proceeds are expected to be reinvested in new assets.
March 31, 2023
The Board of Directors
SFL Corporation Ltd.
Questions can be directed to SFL Management AS:
Investor and Analyst Contacts:
Aksel Olesen, Chief Financial Officer, SFL Management AS
+47 23 11 40 36
André Reppen, Chief Treasurer & Senior Vice President, SFL Management AS
+47 23 11 40 55
Marius Furuly, Vice President - IR, SFL Management AS
+47 23 11 40 16
Ole B. Hjertaker, Chief Executive Officer, SFL Management AS
+47 23 11 40 11
SFL has a unique track record in the maritime industry and has paid dividends every quarter since its initial listing on the New York Stock Exchange in 2004. The Company’s fleet of vessels is comprised of tanker vessels, bulkers, container vessels, car carriers and offshore drilling rigs. SFL’s long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time. More information can be found on the Company's website: www.sflcorp.com
Cautionary Statement Regarding Forward Looking Statements
This press release may contain 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 records and other data available from third parties. Although SFL believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, SFL cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.
Important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions in the seaborne transportation industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values, changes in demand in the markets in which the Company operates, including shifts in consumer demand from oil towards other energy sources or changes to trade patterns for refined oil products, changes in market demand in countries which import commodities and finished goods and changes in the amount and location of the production of those commodities and finished goods, technological innovation in the sectors in which we operate and quality and efficiency requirements from customers, increased inspection procedures and more restrictive import and export controls, changes in the Company’s operating expenses, including bunker prices, dry-docking and insurance costs, performance of the Company’s charterers and other counterparties with whom the Company deals, the impact of any restructuring of the counterparties with whom the Company deals, and timely delivery of vessels under construction within the contracted price, governmental laws and regulations, including environmental regulations, that add to our costs or the costs of our customers, potential liability from pending or future litigation, potential disruption of shipping routes due to accidents, political instability, terrorist attacks, piracy or international hostilities, the length and severity of the ongoing coronavirus outbreak and governmental responses thereto and the impact on the demand for commercial seaborne transportation and the condition of the financial markets, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission. SFL disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Report for the first quarter of 202330.5.2023 19:43:43 CEST | Press release
Oslo, 30 May 2023 Highlights in the period Gross production in Q1 2023 decreased 21% compared to Q4 2022.In January 2023, the Company timely paid accrued and due interest on its corporate bond. Early in February 2023, the Company was notified of the formal approval to its acquisition of the 8.34% participating interests in five concessions in Santa Cruz, Argentina where the Company also serves as operator. The Company has worked with the relevant Provincial authorities on the satisfaction of the requirements to restart full activities in the MMO and Cañadón Ramírez fields (Chubut, Argentina) and reopened such fields. For more information, please see enclosed Interoil Exploration and Production ASA's Report for the first quarter of 2023. This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. *************************** Please direct any further questions to firstname.lastname@example.org (mailto:email@example.com) About Interoil Intero
Change in management30.5.2023 19:41:51 CEST | Press release
The board of directors and CEO/CFO Anders Fink Vadsholt has today entered into a severance agreement pursuant to which Mr. Vadsholt will step down as CEO/CFO of the Company. Regardless, Mr. Vadsholt will remain available for the company until his replacement has been found and all disputes related to the US security class action case has been finally settled, however, in no event longer than until 1 October 2023. Anders Fink Vadsholt states:” With the latest progress in our US security class action case described in company announcement of 17 April 2023, and a successful sale and hand over of all activities to Zevra Therapeutics (Previously Kempharm), I see my job as CEO/CFO successfully completed and the time has come for me to look for new challenges. I would like to thank all former colleagues in Orphazyme for years of dedicated work and loyalty”. Chairman Michael Hove states: On behalf of the board, I would like to thank Mr. Vadsholt for his dedicated work especially during the pas
Transfer of Harvia's own shares as rewards under the incentive program30.5.2023 19:35:00 CEST | Press release
Harvia Plc, Stock Exchange Release, May 30, 2023 at 8:35 p.m. EEST The Board of Directors of Harvia Plc has on 3 May 2023 decided on a directed share issue without consideration for the payment of rewards earned under the company’s share-based incentive program. The share payments concern the performance period 2020–2022 of the company’s share-based incentive program launched in 2020. In the share issue, 9,109 own shares held by the company have today been transferred without consideration to the key employees participating in the share-based incentive program in accordance with the program-specific terms and conditions. After the transfer of shares under the incentive program and the shares transferred at the same time as part of the board remuneration, the company holds a total of 9,637 own shares. The decision on the transfer of shares is based on the authorization granted to the Board of Directors by the Annual General Meeting on 20 April 2023. No new shares shall be issued in conn
Transfer of Harvia’s own shares as part of remuneration of the Board30.5.2023 19:30:00 CEST | Press release
Harvia Plc, Stock Exchange Release, 30 May 2023 at 8:30 p.m. EEST Based on the decision of the General Meeting held 20 April 2023, Harvia Oyj has on 30 May 2023 transferred a total of 2,328 own shares possessed by the company to members of the Board of Directors of Harvia Oyj as part of the Board’s remuneration. After the transfer of shares as part of the board remuneration and the shares transferred at the same time under the incentive program, the company holds a total of 9,637 own shares. Based on the decision of the General Meeting of Harvia Oyj, the monthly remuneration of the Board members will be paid in company shares and in cash in such a way that approximately 40 per cent of the total monthly remuneration will be paid in company shares purchased at a price determined in public trading on Nasdaq Helsinki Ltd and approximately 60 per cent will be paid in cash. The company will pay any costs and transfer tax related to the purchase of company shares. In case the remuneration can
Vesting af warranter samt ledende medarbejderes transaktioner30.5.2023 19:18:09 CEST | pressemeddelelse
Selskabet har dags dato modtaget meddelelse om at Direktion og bestyrelse ønsker at exercise ialt 5.983.524 stk. warranter fra tildelingsåret maj 2020 (Selskabsmeddelelse 20/2020). Warrantprogrammet blev tildelt direktion og bestyrelse i maj 2020, og indehaverne af warranterne udnytter nu deres respektive programmer, og herefter udestår ingen aktieoptioner fra tildelingsåret maj 2020. Udnyttelseskursen er ved tildelingen i maj 2020 fastsat til DKK 1,53 pr. aktie af nominelt DKK 0,5, jf. selskabsmeddelelse 20/2020. Selskabet har som led i udnyttelsen af aktieoptionerne afhændet 5.983.524 stk. egne aktier til et samlet beløb på DKK 9.154.791,72, og således foretages der ingen kapitalforhøjelse i forbindelse med udnyttelsen af aktieoptionerne. Selskabets egen aktiebeholdning er efter frasalget reduceret til i alt 0 aktier. I forbindelse med gennemførelsen af ovenstående transaktioner har selskabet modtaget vedhæftede indberetninger fra direktionen og bestyrelsens respektive transaktioner.