SFL Corporation Ltd. announced its preliminary financial results for the second quarter ended June 30, 2025. The company reported a net profit of $1.5 million, or $0.01 per share, with adjusted earnings less than $0.01 per share. Gross charter hire for the quarter was approximately $194 million.
The Board of Directors declared a quarterly cash dividend of $0.20 per share, a reduction from the previous $0.27 per share. This dividend is scheduled for payment around September 29, 2025, with the record date and ex-dividend date on the New York Stock Exchange set for September 12, 2025.
Ole B. Hjertaker, CEO of SFL Management AS, explained the dividend adjustment was due to the prolonged idleness of the Hercules drilling rig and recent asset divestitures. He noted that the market for the Hercules rig remains challenging, impacting near-term financial results as the rig is warm stacked at an estimated cost of $60,000-$80,000 per day. The company also sold and redelivered several vessels, increasing available capital but reducing near-term cash flow generation.
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