SFL - Options awarded to employees and board members

Rhea-AI Summary

SFL Corporation Ltd. (NYSE: SFL) announced the award of 480,000 options to employees and board members under its Share Option Scheme. This initiative aims to incentivize management and aligns their interests with shareholders. The options are set to have a five-year term with a three-year vesting period, starting with an initial strike price of $8.79, and will be exercisable from May 2022. The company continues to showcase a solid track record in the maritime industry, maintaining consistent dividends since its NYSE listing in 2004.

Positive

• Awarding of 480,000 options to enhance employee and board member incentives.
• The options align management's interests with those of shareholders.

Negative

• None.

SFL Corporation Ltd. (NYSE: SFL) (“SFL” or the “Company”) today announced that 480,000 options were awarded to employees and board members as part of the management incentive program. The options have been issued pursuant to the Company’s Share Option Scheme and will have a five-year term with a three-year vesting period. The initial strike price is $8.79 and the first options will be exercisable from May 2022.

May 14, 2021

The Board of Directors
SFL Corporation Ltd.
Hamilton, Bermuda

Investor and Analyst Contacts:
Aksel Olesen, Chief Financial Officer, SFL Management AS
+47 23 11 40 36
André Reppen, Chief Treasurer & Senior Vice President, SFL Management AS
+47 23 11 40 55

Media 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 more than 80 vessels is split between tankers, bulkers, container vessels 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 including fluctuations in charter hire rates and vessel values, changes in demand in the markets in which the Company operates, changes in demand resulting from changes in the Organization of the Petroleum Exporting Countries’ petroleum production levels and worldwide oil consumption and storage, developments regarding the technologies relating to oil exploration, 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, 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, including any potential restructuring of Seadrill, timely delivery of vessels under construction within the contracted price, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including any changes to energy and environmental policies and changes attendant to trade conflicts, potential disruption of shipping routes due to accidents or political events, the length and severity of the ongoing coronavirus outbreak and its 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.

FAQ

What is the purpose of the 480,000 options awarded by SFL?

The options are part of SFL's management incentive program to align interests between management and shareholders.

When will the SFL options become exercisable?

The options will be exercisable from May 2022.

What is the initial strike price for the new options awarded by SFL?

The initial strike price for the options is $8.79.

How long is the term for the options awarded by SFL?

The options have a five-year term with a three-year vesting period.

What is SFL's track record in the maritime industry?

SFL has a unique track record and has paid dividends every quarter since its initial listing in 2004.