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SFL announced q3 2017 results earlier today (11/22)
- Operating income of $93.7M
- Net income of $28.7M
- Maintained div of 35c/sh (same as q2 2017, but lower than q1 2017)
- Took deliver of two LR2 vessels with multi-year time charters
- Improving dry bulk charter market
- Majority of container vessel fleet is on time-charters with strong counter-parties (Maersk, MSC, etc)
- Debt on drilling assets chartered by SDRL/NADL is down to $810M

Subsequent to end of q3 2017, SFL issued shares to convert $121M in notes. Company issued 9.4M shares to convert $121M in debt. About 10% dilution of shares - not a very expensive price to retire debt.

Missing in the earnings report is any mention of the drilling rig rate adjustment that starts in 2018. That rate step-down will impact, at the very least, SFL's top-line numbers. SFL will get a revenue bump from the two LR2 tankers, and the container vessels that delivered earlier this year. On the flip side, SFL has a significant number of vessels rolling off charters in 2018. Also, as tankers leased to FRO get sold, the profit-share potential and revenue generated also decline.

Need to peek at the SFL transcript. There could be additional tid-bits of data.
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