SFL raises dividend for 89th straight quarter as rig contracts bolster outlook

SFL Corp. (NYSE:SFL) hiked its quarterly cash dividend to $0.22 per share, extending one of the longest payout streaks in the maritime industry as strong offshore demand and new financing activity bolstered its first-quarter results.

The payment, scheduled for late June, marks the 89th consecutive quarterly dividend for the diversified ship-owning company.

The Hamilton, Bermuda-based firm reported operating revenue of $174 million for the period ended March 31, 2026.

Adjusted EBITDA reached $108 million, while net income stood at $26 million, or $0.20 per share.

A centerpiece of the quarter’s operational success was the offshore segment.

SFL secured a new drilling contract for the harsh-environment semi-submersible rig Hercules, valued at approximately $170 million.

The contract significantly increases the company’s charter backlog and underscores the tightening supply in the high-end drilling market.

On the financing front, SFL successfully refinanced its most prominent offshore assets.

The company entered into new $250 million credit facilities to refinance the Linus and Hercules rigs, optimizing its debt profile.

Additionally, the company completed a $75 million "tap" issue on its existing senior unsecured bonds, providing further liquidity for future fleet expansions.

The increased dividend will be payable on or around June 22, 2026, to shareholders of record as of the close of business on May 27, 2026.