SFL - Successful placement of five-year senior unsecured bonds

SFL Corporation Ltd. (NYSE: SFL) (the “Company” or “SFL”) today successfully placed NOK 750 million senior unsecured notes due September 25, 2029. The notes pay a quarterly coupon of the 3-month Norwegian Interbank Offered Rate (NIBOR) + 3.25% per annum.

The net proceeds from the bond issuance are expected to be used to redeem the net outstanding amount of the Company’s existing NOK 600 million senior unsecured bonds due January 2025, with ISIN NO0010872997 (the “Existing Bonds”), at the applicable redemption price and for general corporate purposes.

Arctic Securities, DNB Markets and SEB acted as Joint Bookrunners for the placement of the bond issue. Fearnley Securities and Pareto Securities acted as co-managers.

SFL further announces that it has notified Nordic Trustee AS that it is exercising the call option to redeem all outstanding existing bonds.

For further information on the exercised call option, please refer to the attached notice from Nordic Trustee AS.

September 11, 2024

The Board of Directors
SFL Corporation Ltd.
Hamilton, Bermuda

Contacts for investors and analysts:

Aksel Olesen, Chief Financial Officer, SFL Management AS
+47 23 11 40 36
André Reppen, Chief Treasurer and Senior Vice President, SFL Management AS
+47 23 11 40 55
Marius Furuly, Senior Vice President – Energy, SFL Management AS
+47 23 11 40 16

Press contact:
Ole B. Hjertaker, Chief Executive Officer, SFL Management AS +47 23 11 40 11

About SFL

SFL has a unique track record in the maritime industry and has paid a quarterly dividend since its initial listing on the New York Stock Exchange in 2004. The Company’s fleet consists of tankers, bulk carriers, container ships, car carriers and offshore drilling rigs. SFL’s long-term distribution capabilities are supported by a portfolio of long-term charters and significant asset growth over time. More information can be found on the Company’s website at www.sflcorp.com.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements. These statements are based upon various assumptions, many of which are based upon further assumptions, including SFL’s management’s examination of historical operating trends, data in the Company’s records and other data available from third parties. Although SFL believes these assumptions were reasonable when made, SFL cannot guarantee that it will achieve or realize these expectations, beliefs or intentions because assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond its control.

Important factors that the Company believes could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of global economies, fluctuations in currencies and interest rates, general market conditions in the marine transportation industry, which is cyclical and volatile, including fluctuations in charter rates and vessel values, changes in demand in the markets in which the Company operates, including shifts in consumer demand from oil to other energy sources or changes in trade patterns for refined petroleum products, changes in market demand in countries that import raw materials and finished goods and changes in the quantity and location of production of those raw materials and finished goods, technological innovation in the industries in which we operate and quality and efficiency requirements of customers, stricter inspection procedures and more restrictive import and export controls, changes in the Company’s operating costs, including bunker prices, dry-docking and insurance costs, performance of the Company’s charterers and other counterparties with which the Company does business, the impact of any restructuring of the counterparties with which the Company does business business, and timely delivery of vessels under construction within the contracted price, governmental laws and regulations, including environmental regulations, that increase 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, acts of terrorism, piracy or international hostilities, the duration and severity of the ongoing coronavirus outbreak and government responses thereto and the impact on the demand for commercial maritime transportation and the condition of the financial markets, and other important factors detailed from time to time in the Company’s reports filed with the U.S. 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.