SFL Corporation reported second-quarter earnings of $0.01 per share on revenue of $194 million, generating adjusted EBITDA of $104 million and net income of $1.5 million. The ship-owning group reduced its quarterly dividend to $0.20 from $0.27, attributing the move to the continued idling of its offshore drilling rig Hercules. Management said the rig remains on the market for new employment. SFL added that recent fleet renewals and fresh charters with A.P. Moller-Maersk have increased its contracted revenue backlog by roughly $225 million, partially offsetting the earnings drag from the idle rig. Investors reacted negatively to the lower payout, sending the shares down about 9% in pre-market trading on Tuesday.