Q2 2024 SFL Corporation Ltd Earnings Call Transcript
Key Points
- SFL Corp Ltd (SFL) announced its 82nd consecutive dividend, highlighting its commitment to returning value to shareholders.
- The company reported nearly $200 million in revenues for the second quarter, with an EBITDA equivalent cash flow of approximately $131 million.
- SFL Corp Ltd (SFL) has a fixed rate backlog of approximately $4.9 billion, concentrated around long-term charters with strong end users.
- The company has transformed its operating model over the last 10 years, making it relevant for large end users like Maersk and Volkswagen Group.
- SFL Corp Ltd (SFL) raised $100 million in a public offering to fuel further growth and build long-term distributable cash flow per share.
- Charter revenues from drilling rigs were lower due to US GAAP accounting rules and the mobilization of the Hercules rig.
- The Linus rig was out of service for most of the quarter due to a scheduled periodic survey, impacting revenues.
- The company's net income for the quarter was $21 million, or $0.16 per share, which is lower compared to the previous quarter.
- SFL Corp Ltd (SFL) faces challenging prospects for recovery of a $27.4 million judgment against Allseas due to the guarantor's administration status.
- Operating and G&A expenses for the quarter were approximately $70 million, reflecting deferred operating costs and impacting overall profitability.
Welcome to SFL's Second Quarter 2024 Conference Call. My name is Sander Borgli, I'm Vice President for Investor Relations in SFL. Our CEO, Ole Hjertaker, will start the call with an overview of the second quarter highlights. Then our Chief Operating Officer, Trym Sjolie, will comment on vessel performance matters; followed by our CFO, Aksel Olesen, to take us through the financials. The conference call will be concluded by opening up for questions, and I will explain the procedure to do so prior to the Q&A session.
Before we begin our presentation, I would like to note that this conference call will contain forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, estimates or similar expressions are intended to identify these forward-looking statements. Forward-looking statements are not guarantees of future performance. These statements are based on our current plans and expectations and are inherently subject to risks and
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