SFL Corp Acquires Full Control of MSV Ocean Onyx

TL;DR

SFL buys out JV partner for full control of MSV Ocean Onyx, closing Q3.

AI Summary

SFL Corporation Ltd. (NYSE: SFL) announced on July 8, 2024, that it has entered into a definitive agreement to acquire the remaining 50% interest in its joint venture, the offshore accommodation vessel 'MSV Ocean Onyx', from its joint venture partner. This acquisition is expected to be completed in the third quarter of 2024.

Why It Matters

This move consolidates SFL Corp's ownership of a key asset, potentially simplifying operations and allowing for full strategic control over the vessel's deployment and revenue.

Risk Assessment

Risk Level: low — The acquisition is a standard business transaction for a joint venture stake, with no immediate red flags mentioned.

Key Players & Entities

• SFL Corporation Ltd. (company) — Filer and acquirer
• MSV Ocean Onyx (company) — Asset being acquired
• Q3 2024 (date) — Expected completion timeframe

FAQ

Key Financial Figures

• $240 million — r vessels, which will add approximately $240 million to the Company's fixed rate charter bac
• $20 million — stment is estimated to be approximately $20 million in aggregate. Ole B. Hjertaker, CEO o
• $2 billion — this year, we have added approximately $2 billion to our fixed rate charter backlog. Ju

Filing Documents

• sflpressreleasejuly82024ne.htm (6-K) — 24KB
• 0001289877-24-000034.txt ( ) — 25KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SFL CORPORATION LTD. Date July 8, 2024 By s Ole B. Hjertaker Name Ole B. Hjertaker Title SFL Management AS (Principal Executive Officer) EXHIBIT 1 SFL - New long term charters for four 8,700 TEU container vessels SFL Corporation Ltd. (NYSE SFL) ("SFL" or the "Company") announced today that it has agreed new 5-year time charters on four 8,700 TEU container vessels, which will add approximately $240 million to the Company's fixed rate charter backlog. The vessels have been on charter to A.P. Moller – Maersk ("Maersk") since they were new and the current charters were due to expire in 2025. The vessels were built in 2014-2015 with a modern, wide-beam design and fuel-efficient electronic engines. In connection with the new charters, SFL will make certain investments in the vessels, including increasing the cargo capacity to 9,500 TEU. The Company will also add new energy efficiency features, and the total upgrade investment is estimated to be approximately $20 million in aggregate. Ole B. Hjertaker, CEO of SFL Management AS, said in a comment The new charters on four existing container vessels demonstrate the benefit of a customer focused approach, where we in close cooperation with Maersk have analyzed how to optimize the vessels' operational performance and reduce emissions. This benefits both our customer and us during the charter period, whilst we will have more attractive vessels when the new charters expire in 2030. With the acquisitions and charter extensions announced so far this year, we have added approximately $2 billion to our fixed rate charter backlog. July 8, 2024 The Board of Directors SFL Corporation Ltd. Hamilton, Bermuda Investor and Analyst Contacts Aksel Olesen, Chief Financial Officer, SFL Management AS +47 23 11 40 36 Andr R

View Full Filing

View this 6-K filing on SEC EDGAR