Flex LNG Ltd, the liquefied natural gas shipping company based in Bermuda, has reported third-quarter net income of $45.1 million.

That compares with net income of $39 million for the second quarter of 2023.

Vessel operating revenues were $94.6 million in the quarter, compared with $86.7 million in the second quarter.

The average time charter equivalent rate was $79,207 per day, up on the $77,218 in the second quarter.

Adjusted earnings before interest, tax, depreciation and amortisation were $74.7 million, compared with $66.2 million in the second quarter.

The company declared a dividend for the quarter of $0.875 per share, consisting of a quarterly dividend of $0.75 per share and a special dividend of $0.125 per share.

Oystein M Kalleklev, the chief executive of Flex LNG Management AS, said: “With seasonally stronger spot market heading into the winter season, we expect a further increase in revenues in the fourth and last quarter of the year with expected revenues of $97 million to $99 million. This is also in the high end of our guidance of $90 million to $100 million.

“With the third quarter numbers presented today and the guidance for fourth quarter, we are well on track to deliver on our revenue guidance for the year of $370 million, our adjusted EBITDA target of $290 million to $295 million and the overall average time charter equivalent guidance of $80,000 per day.”

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Bermudian-based SFL Corporation Ltd, one of the world's largest ship-owning companies, has reported a third quarter net profit of $29.3 million.

The company received charter hire of $214 million in the quarter, including $2.6 million of profit share.

SFL’s adjusted EBITDA was $122.4 million from consolidated subsidiaries, plus an additional $7.9 million adjusted EBITDA from 49.9 per cent owned associated companies.

The board of directors has declared a quarterly cash dividend of $0.25 per share.

The company took delivery of Emden, its first liquefied natural gas dual-fuel car carrier, during the quarter.

Ole B. Hjertaker, the chief executive of SFL Management AS, said: “We are very pleased to increase the distribution to our shareholders as we take delivery of our first dual-fuel newbuilding and pay our 79th consecutive dividend.

“Our harsh environment semi-submersible rig Hercules is back in operation, and the next three car-carrier newbuilds will be delivered over the next few quarters. This, combined with strong contract renewals for existing vessels, is expected to increase our charter revenues and further support a long-term distribution capacity.”

He added: “The revenue growth is not only enabled by our full-service time charter offering, but also by our consistent focus on maintaining a modern high-quality fleet and initiating energy efficiency projects across our assets.

“The strength of our offering is further illustrated by our ability to execute multiple repeat transactions with several industry leading counterparties and continuously build our fixed-rate charter backlog, currently standing at $3.4 billion.”

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Borr Drilling Ltd, the Bermudian-based oilfield services company, has reported third-quarter net income of $300,000, a drop of $500,000 compared with the second quarter of the year.

The company reported total operating revenues of $191.5 million in the quarter, an increase of $4 million or 2 per cent compared with the second quarter.

Adjusted EBITDA was $88.2 million, an increase of $4.2 million or 5 per cent compared with the second quarter.

The total contract revenue backlog as at September 30 was $1.86 billion.

The board intends to implement a regular quarterly dividend with an initial dividend of $0.05 per share subject to required approvals in a special general meeting to be held December 22.

Chief executive Patrick Schorn said: "Our backlog quality continues to improve. Year to date, we have secured 12 new commitments, adding $728 million to our revenue backlog at an implied average day rate of $161,500.

“The average forward coverage stands at 1.7 years for our delivered fleet, which provides both strong near-term revenue visibility and valuable long-term operating leverage amid the current rising day-rate environment.”