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Here are 1-3 brief analogies to describe SFL Corporation Ltd.:

1. Imagine a giant, diversified Hertz or Enterprise Rent-A-Car, but instead of cars, SFL owns and leases out a global fleet of cargo ships, oil tankers, and offshore drilling rigs.

2. SFL is like Ryder System, but for the high seas – they own and charter out a vast collection of commercial vessels and drilling rigs to other companies worldwide.

3. Think of SFL as a United Rentals, but for massive maritime equipment – they own and lease out a diverse fleet of cargo ships, oil tankers, and drilling rigs to companies globally.

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• Vessel and Offshore Asset Chartering: SFL provides the service of chartering out various types of vessels and offshore drilling units on medium and long-term contracts.
• Crude Oil Tanker Chartering: Leasing crude oil tankers for the global transportation of crude oil.
• Dry Bulk Carrier Chartering: Leasing dry bulk carriers for the transportation of unpackaged bulk cargoes like grain, coal, and iron ore.
• Container Vessel Chartering: Leasing container vessels for the global shipment of goods in standardized containers.
• Car Carrier Chartering: Leasing specialized car carriers for the sea transportation of vehicles.
• Chemical Tanker Chartering: Leasing chemical tankers designed for the transportation of various liquid chemicals.
• Oil Product Tanker Chartering: Leasing oil product tankers for the transportation of refined petroleum products.
• Drilling Rig Chartering: Leasing jack-up and ultra-deepwater drilling units for offshore oil and gas exploration and production activities.

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Ole B. Hjertaker, Chief Executive Officer

Ole B. Hjertaker has served as the Chief Executive Officer of SFL Management AS since July 2009. Prior to this role, he was the Chief Financial Officer from September 2006 to July 2009, also serving as Interim Chief Financial Officer between July 2009 and January 2011. Before joining SFL, Mr. Hjertaker was employed in the Corporate Finance division of DNB Markets, a prominent shipping and offshore bank. He possesses extensive corporate and investment banking experience, primarily within the maritime and transportation industries. Mr. Hjertaker holds a Master of Science degree from the Norwegian School of Economics and Business Administration. He also currently serves as a chairman of NorAm Drilling and a director of Frontline plc.

Aksel C. Olesen, Chief Financial Officer

Aksel C. Olesen was appointed Chief Financial Officer of SFL, effective January 1, 2019. Before his tenure at SFL, he spent 12 years at Pareto Securities in various positions within its investment banking division, including serving as Head of Investment Banking Asia in Singapore from 2011 to 2014 and most recently as Head of Shipping and Offshore Project Finance. Mr. Olesen began his career at the shipping company Kristian Jebsens Rederi, where he worked as part of the legal, business development, and finance team. He holds a Law Degree from the University of Bergen.

Trym Otto Sjølie, Chief Operating Officer

André Reppen, Chief Treasurer and Senior Vice President

André Reppen holds an MBA in Finance and the Authorised Financial Analyst title from the Norwegian School of Economics and Business Administration. Prior to joining SFL in 2008, he worked at PwC in the Shipping and Financial Services department, serving as a transaction and corporate structuring advisor. Mr. Reppen is also a CEFA charterholder.

Mikkel Storm Weum, Senior Vice President, Business Development

Mikkel Storm Weum holds a Master's degree in Naval Architecture from Newcastle University and a Master of Science in Shipping Trade and Finance from Cass Business School, City University in London. Before joining SFL, he served as Vice President, Head of Commercial in Teekay Offshore, focusing on Shuttle Tankers and Floating Offshore storage (FSO) activities. His professional experience includes vessel design, new build project management, business development, and chartering.

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Here are the key risks to SFL Corporation Ltd. (SFL):

1. High Debt Load and Dividend Sustainability: SFL carries a substantial debt load, reported at approximately $2.76 billion as of the third quarter of 2025. This significant leverage, coupled with upcoming debt maturities, creates financial strain and demands close monitoring of interest rates and cash flow. Concerns about the company's ability to service this debt and generate sufficient free cash flow have led to recent dividend cuts and raised questions among investors regarding the sustainability of future dividends, impacting shareholder returns and investor confidence.
2. Weakness in the Offshore Drilling Segment and Market Volatility: A key vulnerability for SFL is its legacy offshore drilling segment. Specifically, the Hercules drilling rig remained idle or "warm-stacked" throughout the first three quarters of 2025, acting as a significant drag on the company's overall performance and profitability. The offshore drilling sector is highly susceptible to market uncertainty and oil price volatility, leading to prolonged periods of inactivity, excess supply of rigs, and intensified competition. While SFL's diversified fleet is generally a strength, this struggling segment highlights specific pockets of operational and market risk.
3. Exposure to Cyclical Shipping Markets and Geopolitical Risks: SFL operates across various sectors of the maritime and offshore industries, including oil, chemical, container, car transportation, and dry bulk shipments. This diversification exposes the company to the inherent cyclicality and volatility of these markets, which are influenced by global trade flows, freight rates, and vessel values. Furthermore, operating internationally across multiple jurisdictions (e.g., Bermuda, Cyprus, Liberia, Norway, Singapore, the United Kingdom, and the Marshall Islands) subjects SFL to macroeconomic trends, geopolitical tensions, and regulatory changes, which can impact capital allocation, supply chains, and overall demand for shipping and offshore services.

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The global shift towards decarbonization and the green energy transition poses an emerging threat to SFL Corporation Ltd. As demand for fossil fuels declines due to climate change initiatives and the adoption of renewable energy sources, the long-term utility and value of SFL's crude oil tankers, oil product tankers, chemical tankers (to the extent they transport fossil fuel derivatives), and offshore drilling rigs could diminish. This trend could lead to reduced charter rates, asset impairments, or the premature obsolescence of a significant portion of the company's fleet, mirroring how industries and technologies become less relevant with fundamental market shifts.

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The addressable markets for SFL Corporation Ltd.'s main products and services are global. The estimated sizes for these markets are as follows:

• Crude Oil Tankers and Oil Product Tankers: The global oil tanker chartering market, which includes both crude oil and refined petroleum products, reached an estimated USD 20.7 billion in 2024 and is projected to grow to approximately USD 29.5 billion by 2033.
• Dry Bulk Carriers: The global dry bulk shipping market size was estimated at USD 168.5 billion in 2025.
• Container Vessels: The global container shipping market size was valued at approximately USD 12.19 billion (USD 12,196.65 million) in 2025 and is expected to reach USD 27.68 billion (USD 27,677.55 million) by 2033.
• Car Carriers: The global car carrier market size was estimated at USD 55.15 billion in 2024.
• Jack-Up Drilling Rigs: The global jack-up rigs market size was valued at USD 3.03 billion in 2024.
• Ultra-Deepwater Drilling Units: The global deepwater and ultra-deepwater drilling market was valued at USD 15.9 billion in 2024 and is projected to reach USD 19.8 billion by 2030.
• Chemical Tankers: The global chemical tanker market was valued at approximately USD 35.2 billion in 2024 and is estimated to reach USD 46.7 billion by 2030.

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Expected Drivers of Future Revenue Growth for SFL Corporation Ltd. (SFL)

SFL Corporation Ltd. is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Fleet Renewal and Expansion, particularly in Container Vessels and Tankers: SFL has committed to significant capital expenditures, including $850 million for new container vessels with deliveries expected through 2028. Additionally, the company has invested in newer Suezmax tankers, strengthening its position in the tanker market. This strategy focuses on expanding its fleet and acquiring more modern, efficient vessels that can command higher charter rates and enhance operational performance.
2. Re-employment of the "Hercules" Drilling Rig: SFL's management is optimistic about securing new employment for its harsh environment drilling rig, "Hercules," which was idle as of Q4 2025. This optimism is based on strengthening offshore drilling fundamentals, including industry consolidation and improving day rates and contract durations. Securing a new contract for "Hercules" would introduce a substantial new revenue stream.
3. Strategic Asset Management and Optimization: SFL actively manages its diversified fleet through strategic transactions, such as selling older, less efficient vessels and acquiring newer ones. For instance, the company reported selling two older Suezmax tankers and investing in two newer, 2020-built Suezmax tankers, which are now trading on the spot market and generating higher net cash flow. This approach allows SFL to continuously optimize its fleet for better earnings potential and adapt to favorable market conditions across its various segments.
4. Leveraging a Strong and Stable Charter Backlog: SFL maintains a substantial fixed revenue backlog, reported at $3.7 billion as of Q4 2025 and $4.2 billion as of Q2 2025, with approximately two-thirds contracted to investment-grade counterparties. This robust backlog provides significant cash flow visibility and a stable foundation for revenue. As existing contracts are renewed or new long-term agreements are secured at potentially higher rates, this backlog will continue to be a consistent driver of revenue.

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Share Repurchases

• SFL Corporation Ltd. announced a share repurchase program in August 2025, authorizing the repurchase of up to $100 million worth of its shares, which is set to continue until June 2026.
• In the first quarter of 2025, the company initiated a $10 million share buyback at an average price of $7.98 per share.
• As of March 31, 2025, SFL reported cash paid for shares repurchased totaling $4.062 million, corresponding to 494,158 shares.

Share Issuance

• On July 23, 2024, SFL announced its intention to offer and sell 8,000,000 common shares through an underwritten public offering, with an option for underwriters to purchase an additional 1,200,000 shares. The net proceeds were intended for general corporate purposes, including vessel acquisitions.
• For the three months ended March 31, 2025, 22,060 shares were issued.
• For the three months ended March 31, 2024, 207,146 shares were issued.

Inbound Investments

• In the first quarter of 2025, SFL issued a $150 million senior unsecured, sustainability-linked bond with a 7.75% coupon, maturing in 2030.

Outbound Investments

• SFL invested $23 million in two 2020-built Suezmax tankers in the fourth quarter of 2025.

Capital Expenditures

• As of December 31, 2025, SFL had approximately $850 million in remaining capital expenditures for five 16,800 TEU container vessels under construction, with scheduled deliveries in 2028. These expenditures are expected to be financed through pre- and post-delivery credit facilities.
• Since 2023, SFL has invested approximately $100 million in vessel efficiency upgrades. Total investments for vessel retrofits and upgrades, including LNG dual-fuel capability, have reached nearly $110 million since 2023.
• As of March 31, 2025, there were $35 million in remaining capital expenditures primarily for efficiency upgrades on existing container vessels.