SFL Corporation Ltd. (NYSE: SFL) (“SFL” or the “Company”) announces that it has agreed to sell the two 2008-built chemical tankers SFL Weser and SFL Elbe to an unrelated third party. The sales proceeds to SFL are approximately $19.5 million for the debt free vessels.

Both vessels have been employed in the spot market the last two years and delivery of the vessels to the buyer is expected to take place in the second quarter.

A book impairment of approximately $7 million is expected to be recorded in the first quarter relating to the sales.

The 2009-built suezmax tanker Glorycrown, which was announced sold in February, has been delivered to its new owner in March.

The final sales price of approximately $43.5 million is higher than previously disclosed, and a book gain of approximately $9 million is expected to be recorded in the first quarter relating to the sale.

Divesting of older vessels is part of SFL’s strategy to continuously renew and diversify its fleet, and the net cash proceeds are expected to be reinvested in new assets.

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.

SFL Corporation Ltd. press release