SFL slashes dividend by 25.9% to $0.20 a share

* SFL (NYSE:SFL [https://seekingalpha.com/symbol/SFL]) declares $0.20/share quarterly dividend [https://ml-eu.globenewswire.com/Resource/Download/343c292a-8aff-4b87-9f9c-3edcda245731], -25.9% decrease from prior dividend of $0.27.
* Forward yield [https://seekingalpha.com/symbol/SFL/dividends/yield?source=news_bullet] 8.76%
* Payable Sept. 29; to shareholders of record Sept. 12; ex-div Sept. 12.
* The company cut its quarterly dividend by 25.9% after paying a quarterly dividend of $0.27 in each of the previous 5 quarters.
* "The market for our legacy drilling rig Hercules remains challenging, with the recent market uncertainty and oil price volatility delaying new employment opportunities for the rig. This is impacting our near-term financial results as we keep the rig warm, stacked. We remain optimistic about finding new employment for the rig and continue to explore strategic opportunities in parallel. At the same time, we have also sold and redelivered several vessels recently pursuant to pre-agreed purchase options. While this is increasing our available capital for new investments significantly, it is also reducing the near-term cash flow generation. The board has therefore decided to adjust the dividend to 20 cents per share for the second quarter," said Ole B. Hjertaker, CEO of SFL Management AS.
* See SFL Dividend Scorecard, Yield Chart, & Dividend Growth. [https://seekingalpha.com/symbol/SFL/dividends?source=news_bullet]

MORE ON SFL

* SFL Corporation: Decent Yield With Debt Troubles [https://seekingalpha.com/article/4803280-sfl-corporation-decent-yield-debt-troubles]
* SFL GAAP EPS of $0.01 beats by $0.06, revenue of $192.59M beats by $7.16M [https://seekingalpha.com/news/4486863-sfl-gaap-eps-of-001-beats-by-006-revenue-of-19259m-beats-by-716m]
* Seeking Alpha’s Quant Rating on SFL [https://seekingalpha.com/symbol/SFL/ratings/quant-ratings]
* Historical earnings data for SFL [https://seekingalpha.com/symbol/SFL/earnings]
* Dividend scorecard for SFL [https://seekingalpha.com/symbol/SFL/dividends/scorecard]