Ocean Yield ASA: Third Quarter 2017 Report

Lysaker, 2nd November 2017, Ocean Yield ASA (“Ocean Yield” or the “Company”)
announces results for the third quarter 2017.

Highlights

  • Declared a dividend of 0.1885 per share for Q3 2017. This is an increase of 0.10 cents per share compared with the previous quarter and is the 16th consecutive dividend increase. 

  • EBITDA for Q3 2017 was USD 80.6 million, reflecting delivery of another four vessels at the end of the previous quarter.

  • EBITDA adjusted for finance lease effects was USD 89.3 million.

  • Net profit before tax for Q3 2017 was USD 39.2 million and Net profit after tax was USD 31.3 million. Adjusted net profit was USD 36.3 million.

  • The charter for the vessel Lewek Connector has been extended with a firm period until 22nd November 2017, plus further extensions in the charterer’s option for a period up until 23rd December 2017, at a rate of USD 40,000 per day. 

  • The FPSO Dhirubhai-1 had a steady quarter with operational utilisation close to 100%. 

  • The charter backlog was USD 2.9 billion on an adjusted EBITDA basis with remaining average duration of 11.2 years.

Commenting on the third quarter results, Lars Solbakken, CEO of Ocean Yield, said:

“I am pleased to present another quarter of revenue growth for Ocean Yield, with the highest ever reported EBITDA and an adjusted net profit of USD 36.3 million. Once again we have increased dividends to our shareholders, now for the 16th consecutive quarter. With a strong balance sheet and liquidity position, we are actively pursuing opportunities in the market to further diversify our charter backlog and increase our dividend capacity.”


Company contacts:

Lars Solbakken (CEO), Tel +47 24 13 01 90

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

Investor Relations contact:

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


Company information:

Ocean Yield ASA is a ship owning company with investments in vessels on long-term charters. The company has a significant contract backlog that offers visibility with respect to future earnings and dividend capacity.