Ocean Yield ASA: Second Quarter and First Half Year 2017 Report

Lysaker, 13th July 2017, Ocean Yield ASA (“Ocean Yield” or the “Company”) announces results for the second quarter and first half year 2017.

Highlights

  • Declared a dividend of USD 0.1875 per share for Q2 2017. This is an increase of 0.25 cents per share compared with the previous quarter and is the 15th consecutive quarterly increase.

  • Net profit before tax for the second quarter was USD 34.4 million and Net profit after tax was USD 30.6 million. Adjusted net profit was USD 33.5 million.

  • Acquisition of two 2014-built PSV’s with more than 12-years remaining bareboat charter to Aker BP ASA.

  • Acquisition of one modern Suezmax tanker with 14-year bareboat charter.

  • Delivery of the liquefied ethylene gas carrier, Gaschem Orca from Sinopacific Offshore & Engineering Co. Ltd.

  • Navig8 Product Tanker Inc., the charterer of four LR2 vessels, agreed to merge with Scorpio Tankers Inc.

  • The charter backlog was USD 2.9 billion on an adjusted EBITDA basis with remaining average duration of 11.4 years.

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

I am pleased to present yet another positive quarter for Ocean Yield with an adjusted net profit of USD 33.5 million and with increased dividends to shareholders for the 15th consecutive quarter. During the second quarter, Ocean Yield acquired 3 modern vessels on long-term charter and the fleet now consists of 37 vessels. We intend to continue to expand and  diversify the fleet in order to further strengthen our earnings and dividend capacity.”    

For the full report, visit www.oceanyield.no/IR



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. Ocean Yield ASA has an ambition to pay attractive quarterly dividends to its shareholders.