SFL - Sale of Suezmax Tankers and Termination of Charters
Bermuda, Dec. 19 -- SFL Corporation Ltd. announced that it has agreed to sell two 2015-built Suezmax tankers currently on charter to a subsidiary of Koch Industries, Inc. ("Koch").The gross sales price is expected to be approximately $57 million per vessel. Net proceeds are estimated at approximately $26 million per vessel after repayment of associated debt and payment of a termination fee to Koch, in accordance with a pre-agreed profit-sharing arrangement.The vessels will be delivered in the fourth and first quarter, respectively, and SFL expects to record an aggregate book gain of approximately $23 million from the transaction, allocated between the two vessels.The Company has furthermore agreed to terminate the charters for two 2020-buil...
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