SFL Corporation Ltd. ("SFL" or the "Company") (NYSE:SFL) today announces that Borgarting Court of Appeal has delivered its judgment in the legal case between SFL’s rig-owning subsidiary and certain subsidiaries of Seadrill Ltd. ("Seadrill"), following the redelivery of the drilling rig Hercules to SFL in December 2022.

 

In a unanimous judgment, the Court of Appeal found that Seadrill breached the contract when redelivering the rig. It ordered Seadrill to pay SFL’s subsidiary a total of approximately NOK 525 million (approximately $55 million), including compensation, late payment interest and legal costs.

 

The judgment largely upholds the Oslo District Court’s ruling of February 2025, and the total amount payable has increased as a result of accrued interest. SFL has been awarded its full legal costs for the proceedings before both the Oslo District Court and Borgarting Court of Appeal.

 

The Company will review the judgment in detail and either party may appeal to the Supreme Court of Norway within one month of service of the judgment. An appeal can only be heard if leave to appeal is granted by the Supreme Court’s Appeals Selection Committee, which happens only in limited circumstances.

 

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