SFL Corporation Ltd. (NYSE:SFL) Q2 2024 Earnings Conference Call August 14, 2024 10:00 AM ET
Company Participants
Sander Borgli – Vice President-Investor Relations
Ole Hjertaker – Chief Executive Officer
Trym Sjølie – Chief Operating Officer
Aksel Olesen – Chief Financial Officer
Conference Call Participants
Sherif Elmaghrabi – BTIG
Sander Borgli
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 Sjølie, will comment on vessel performance matters; followed by our CFO, Aksel Olesen, who will 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 U.S. 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 uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements.
Important factors that could cause actual results to differ include, but are not limited to, conditions in the shipping, offshore and credit markets. You should therefore not place undue reliance on these forward-looking statements. Please refer to our filings within the Securities and Exchange Commission for a more detailed discussion of risks and uncertainties, which may have a direct bearing on our operating results and our financial condition. Then I will leave the word over to our CEO, Ole Hjertaker, with the highlights for the second quarter.
Ole Hjertaker
Thank you, Sander. We are now announcing our 82nd dividend and have built a unique profile as a maritime infrastructure company with a diversified fleet. We had full cash flow effect from our car carrier new builds this quarter, but charter revenues from drilling rigs were lower, partly due to U.S. GAAP accounting rules where mobilization fees received for the transit to Canada and corresponding costs will be recognized in the third quarter.
We also, coincidentally had Linus out of service most of the quarter in connection with a scheduled periodic survey.