Bermudian-based SFL Corporation Ltd, one of the world’s largest ship-owning companies, has reported a third quarter net profit of $44.5 million, a jump of more than 50 per cent year-on-year.

The quarterly figure compares with a net profit of $29.3 million in the third quarter of 2023.

SFL received charter hire of $263.2 million [Q3 2023: $213m] in the quarter, including $4.2 million [Q3 2023: $2.6m] of profit share.

The company reported adjusted earnings before interest, taxes, depreciation and amortisation of $158.8 million [Q3 2023: $122.4m] from consolidated subsidiaries, plus $7.9 million [Q3 2023: also $7.9m] adjusted ebitda from associated companies.

The board of directors of SFL declared the company’s 83rd consecutive quarterly dividend, 27 cents per share.

The company took delivery of the newbuild LR2 product tankers SFL Taurus in August and SFL Tigris in October, and of the LNG dual-fuel chemical tankers SFL Aruba and SFL Bonaire in August.

Ole B. Hjertaker, chief executive of SFL Management AS, said: “Over the last decade SFL has transformed from a vessel financing provider to a maritime infrastructure company, with the vast majority of assets on long term time charters to end users.

“As part of this transformation, SFL has taken major steps to renew the fleet with modern high efficiency vessels, including multiple vessels with dual-fuel propulsion on the water and further newbuilds on order.

“The strength of our operating platform is illustrated by our ability to execute multiple repeat transactions with industry leading counterparties, and we have added more than $2 billion to our backlog so far this year.

“Our fixed rate charter backlog now stands at approximately $4.7 billion, of which two thirds is to customers with investment grade rating, providing excellent cashflow visibility.”

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Borr Drilling Ltd has reported a sharp drop in net income during the third quarter of the year.

The Bermudian-based oilfield services company said net income was $9.7 million, a decrease of $22 million or 69 per cent compared with the second quarter of 2024.

Total operating revenues were $241.6 million, a decrease of $30.3 million or 11 per cent compared with the second quarter of the year.

Year to date, the company has been awarded 17 new contract commitments, representing 4,129 days and $731 million of potential contract revenue.

Chief executive Patrick Schorn said: “The operational performance in the third quarter was solid, with a technical utilisation rate of 98.7 per cent and an economic utilisation rate of 96.9 per cent.

“As expected, our third quarter financial results came in slightly below those of the second quarter. This difference was primarily due to one-off items in the second quarter related to the change in operating structure of our Mexico JV [joint venture] contracts and suspension of the Arabia I, both of which had positively impacted prior quarter results.”

Borr’s board of directors has resolved to grant restricted stock units to its directors.

Each RSU represents one share in the company. The RSUs will vest in full on September 30, 2025, and will be conditional on continuing to serve as a director of the company at the date of vesting. The RSUs will be settled through issuance of shares in the company.

Persons discharging managerial responsibilities have been granted and accepted 27,322 RSUs, including board chairman Tor Olav Troim, and directors Kate Blankenship, Neil Glass, Dan Rabun, and Jeffrey Currie.

Borr shares were trading at $4.04 at midday on Monday on the New York Stock Exchange.

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Flex LNG Ltd, the liquefied natural gas shipping company based in Bermuda, has secured time charter extensions for two ships in its fleet.

The company has agreed with the charterer of Flex Courageous and Flex Resolute to amend the existing time charter agreements for the two LNG carriers where the parties have agreed a new firm period from 2029 to 2032 which may be extended by an additional seven years in total until 2039.