SFL Corporation Ltd. ("SFL" or the “Company”) (NYSE: SFL) today received the ruling delivered by the...








    



            







    
        
            February 05, 2025 09:02 ET
        

        
             | Source:
            

                SFL Corporation
            
                

        
    

    

    

    





        
SFL Corporation Ltd. ("SFL" or the “Company”) (NYSE: SFL) today received the ruling delivered by the Oslo District Court regarding the legal case between SFL’s rig-owning subsidiary and subsidiaries of Seadrill Ltd. (“Seadrill”) following the redelivery of the drilling rig Hercules to SFL in December 2022.   The court today issued a judgment in favor of SFL’s subsidiary where certain subsidiaries of Seadrill were ordered to pay SFL an amount equivalent to a total of approximately $48 million in compensation, including late payment interest and legal cost, as a result of its breach of contract upon redelivering the rig to SFL.   We will carefully review the details of the court’s judgment and note that the ruling is subject to appeal from both sides by March 5, 2025.   February 5, 2025  The Board of DirectorsSFL Corporation Ltd.Hamilton, Bermuda  Investor and Analyst Contacts:Espen Nilsen Gjøsund, Vice President - Investor Relations, SFL Management AS +47 47 50 05 00Aksel Olesen, Chief Financial Officer, SFL Management AS+47 23 11 40 36Media 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 dividends every quarter since its initial listing on the New York Stock Exchange in 2004. The Company’s fleet of vessels is comprised of tanker vessels, bulkers, container vessels, car carriers and offshore drilling rigs. SFL’s long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time. More information can be found on the Company's website: www.sflcorp.com  Cautionary Statement Regarding Forward Looking Statements  This press release may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although SFL believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, SFL cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.  Important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions in the seaborne transportation industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values, changes in demand in the markets in which the Company operates, including shifts in consumer demand from oil towards other energy sources or changes to trade patterns for refined oil products, changes in market demand in countries which import commodities and finished goods and changes in the amount and location of the production of those commodities and finished goods, technological innovation in the sectors in which we operate and quality and efficiency requirements from customers, increased inspection procedures and more restrictive import and export controls, changes in the Company’s operating expenses, including bunker prices, dry-docking and insurance costs, performance of the Company’s charterers and other counterparties with whom the Company deals, the impact of any restructuring of the counterparties with whom the Company deals, and timely delivery of vessels under construction within the contracted price, governmental laws and regulations, including environmental regulations, that add to 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, terrorist attacks, piracy or international hostilities, the length and severity of the ongoing coronavirus outbreak and governmental responses thereto and the impact on the demand for commercial seaborne transportation and the condition of the financial markets, and other important factors described from time to time in the reports filed by the Company with the United States 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.    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act  
            

SFL – Ruling from Oslo District Court in the Seadrill Legal Case

SFL wins court ruling against Seadrill, receiving $48 million.
Ruling compensates SFL for Seadrill's breach of contract on drilling rig.
Seadrill may appeal the ruling by March 5, 2025.
SFL has maintained consistent dividends since its NYSE listing in 2004.

SFL – Ruling from Oslo District Court in the Seadrill Legal Case

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Legal

Related News