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2021-11-02

Ocean Yield: Third Quarter results 2021

Fornebu, 2nd November 2021, Ocean Yield ASA ("Ocean Yield" or the "Company") 
announces results for the third quarter 2021.

Highlights 

The Board of Directors has declared a dividend of USD 5.70 cents per share with an equivalent of NOK 0.4810 per share. This is the 33rd consecutive quarterly dividend paid by the Company. 

  • EBITDA for Q3 2021 was USD 33.0 million and EBITDA adjusted for finance lease effects was USD 54.7 million. 
  • Net profit for the period Q3 2021 was negative USD 2.5 million, which includes an impairment of USD 16.4 million on the FPSO Dhirubhai-1 and one-off expenses related to the acquisition by KKR of USD 8.5 million. Adjusted net profit for Q3 2021 was USD 21.5 million. 
  • Octopus Bidco AS, a company owned by funds advised by KKR, has launched a voluntary cash offer for all shares in Ocean Yield. 
  • Ocean Yield has acquired 50% of three suezmax tankers owned 50/50 by Aker Capital AS and Ocean Yield, thereby increasing its ownership to 100%. The vessels have long-term charters to Nordic American Tankers Ltd.
  • Ocean Yield has acquired 49.9% equity interest in one dual-fuel 15,300 TEU newbuilding container vessel with 18-year charter.
  • Post quarter end, Ocean Yield has entered into an agreement to acquire six eco-design VLCCs for a total consideration of USD 375 million. 
  • Also post quarter end, Navig8 Ltd. exercised an option to sell two LR2 tankers on long-term charter to an unrelated third party. Delivery is expected to take place in Q1 2022 and Ocean Yield expects to record a small book profit from the sales. 

Lars Solbakken, CEO of Ocean Yield, said in a comment: 
"KKR has launched a voluntary offer for all shares in Ocean Yield and our main shareholder Aker Capital AS, owning 61.7% of the Company has accepted the offer. The independent members of the Board of directors have recommended all shareholders to accept the offer." 
 

Company contact:

Eirik Eide (CFO), Tel +47 24 13 01 91

Investor Relations contact:

Marius Magelie (SVP Finance & Investor Relations), Tel +47 24 13 01 82

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