Shipowner SFL Corporation reported a net income of $26 million for the first quarter of 2026. Total operating revenue reached $174 million during the period, representing a decrease from the approximately $176 million reported in the final quarter of 2025.
SFL stated that shipping activities accounted for approximately 87 per cent of this figure while energy provided the remaining 13 per cent.
The company reported its contracted fixed rate charter backlog stood at $3.7 billion as of March 31. This portfolio has a weighted remaining term of 6.3 years and is primarily comprised of "investment-grade" customers.
SFL secured a new drilling contract for the Hercules, a harsh-environment semi-submersible rig. The vessel is scheduled to commence offshore operations in Canada during the first quarter of 2027.
This agreement covers a minimum term of 400 days with an estimated value of $170 million. Financial positions were further strengthened through the refinancing of the Linus and Hercules rigs with $250 million in new credit facilities.
During the quarter, the Suezmax tanker SFL Thelon was delivered to its new owners following a sale that generated a gain of approximately $11.5 million. SFL additionally achieved a daily spot time charter equivalent of $54,000 for its Suezmax tankers.
Five container vessels with a capacity of 16,800 TEU are currently under construction and scheduled for delivery in 2028. These units are expected by SFL to be financed through pre- and post-delivery credit facilities.
Since 2023, approximately $110 million has been invested in a vessel retrofit and upgrade programme. These projects were conducted in cooperation with customers to enhance vessel performance and efficiency, SFL stated.
Cash and cash equivalents amounted to approximately $128 million at the end of the quarter. Total available liquidity reached $288 million when including undrawn credit lines of $160 million.
