SFL Corp Ltd. Files Q1 2024 Financials

TL;DR

SFL Corp Ltd. dropped its Q1 2024 financials, check the numbers.

AI Summary

SFL Corporation Ltd. filed a Form 6-K on May 28, 2024, reporting its unaudited condensed interim financial statements for the three months ended March 31, 2024. The filing includes Management's Discussion and Analysis of Financial Condition and Results of Operations. SFL Corporation Ltd. was formerly known as Ship Finance International LTD.

Why It Matters

This filing provides investors with an update on SFL Corp Ltd.'s financial performance and operational results for the first quarter of 2024, allowing for assessment of the company's current standing.

Risk Assessment

Risk Level: low — This is a routine financial filing and does not contain any new material events or significant risk disclosures.

Key Players & Entities

• SFL Corp Ltd. (company) — Registrant
• Ship Finance International LTD (company) — Former company name
• March 31, 2024 (date) — End of reporting period
• May 28, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $ — 4 and March 31, 2023 (in thousands of $, except per share amounts) Three mont
• $0.5 million — ed March 31, 2024 include a net loss of $0.5 million arising from foreign currency translati
• $1.3 million — ree months ended March 31, 2023 loss of $1.3 million). Other items included in other financi
• $0.4 million — any recognized a mark to market loss of $0.4 million in the Statement of Operations in the t
• $0.2 million — arch 31, 2024 (March 31, 2023 profit of $0.2 million), together with a foreign exchange loss
• $0.3 million — ogether with a foreign exchange loss of $0.3 million (March 31, 2023 loss of $0.4 million),
• $169.1 million — y and Thor Highway, for a total cost of $169.1 million. The vessels are contracted to commence
• $0.8 million — in the cost of newbuildings amounted to $0.8 million in the three months ended March 31, 202
• $5.5 million — ended March 31, 2024 (December 31, 2023 $5.5 million). 8. VESSELS UNDER FINANCE LEASE, NET
• $60 million — erest at SOFR plus a margin, except the $60 million loan facility which bears interest at E
• $45 million — ), March 31, 2024 December 31, 2023 $45 million secured term loan and revolving credit
• $20 million — it facility* Full 2014 7 11 31.2 32.5 $20 million secured term loan facility* Full 2014
• $76 million — loan facility* Full 2014 2 10 — 12.0 $76 million secured term loan facility* Part 2017
• $175 million — oan facility* Part 2017 2 7 42.2 43.5 $175 million term loan facility* Part 2020 4 5 104.
• $50 million — n facility* Part 2020 4 5 104.0 108.7 $50 million senior secured credit facility* Full 2

Filing Documents

• sfl6k-march312024form6xkdo.htm (6-K) — 689KB
• 0001289877-24-000030.txt ( ) — 690KB

Management's Discussion and Analysis of Financial Condition and Results of Operations Page 22

Management's Discussion and Analysis of Financial Condition and Results of Operations Page 22 Cautionary Statement Regarding Forward-Looking Statements Page 29 Signatures Page 32 3 SFL CORPORATION LTD. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS for the three months ended March 31, 2024 and March 31, 2023 (in thousands of $, except per share amounts) Three months ended March 31, 2024 2023 Operating revenues Time charter revenues 150,902 125,888 Voyage charter revenues 2,981 19,580 Drilling contract revenues 66,503 18,814 Interest income - sales-type leases and leaseback assets 840 1,929 Profit sharing income 5,540 4,934 Other operating income 2,298 2,121 Total operating revenues 229,064 173,266 (Loss)gain on sale of vessels (17) 10,056 Operating expenses Vessel and rig operating expenses 81,234 69,960 Depreciation 56,878 51,041 Vessel impairment charge — 7,389 Administrative expenses 5,461 4,995 Total operating expenses 143,573 133,385 Operating income 85,474 49,937 Non-operating income(expense) Interest income – long-term loans to associated companies 1,138 1,125 Interest income – other 1,700 2,080 Interest expense (42,879) (40,865) (Loss)gain on investments in equity securities (415) 248 Interest and valuation gain(loss) on non-designated derivatives 3,003 (5,806) Other financial items, net (714) (1,084) Equity in earnings of associated companies 778 697 Income before taxes 48,085 6,332 Tax expense (2,783) — Net income 45,302 6,332 Per share information Basic earnings per share $ 0.36 $ 0.05 Diluted earnings per share $ 0.36 $ 0.05 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 SFL CORPORATION LTD. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME for the three months ended March 31, 2024 and March 31, 2023 (in thousands of $) Three months ended March 31, 2024 2023 Net income 45,302 6,332 Fair value adjustment

View Full Filing

View this 6-K filing on SEC EDGAR