Scorpio Tankers to merge with Navig8 Product Tankers: Amendments to charter parties
Reference is made to the stock exchange release by Scorpio Tankers Inc. (“Scorpio Tankers” or “STNG”) dated 23 May 2017, regarding the agreement to merge with Navig8 Product Tankers Inc. (“Navig8 Product Tankers” or “NPTI”).
Ocean Yield ASA (“Ocean Yield”) has accepted Scorpio Tankers request to amend the bareboat charter parties between wholly owned subsidiaries of Ocean Yield and Navig8 Product Tankers to reflect that NPTI is replaced by STNG as Charter Guarantor and certain other logical changes related to the new counterparty.
Ocean Yield’s Chief Executive Officer Lars Solbakken said in a comment: “Through this transaction, which is expected to close in the second or third quarter of this year, Ocean Yield gains a stronger counterparty financially. STNG is one of the largest product tanker companies globally, and the largest U.S. listed owner of product tankers with a delivered fleet of 105 vessels following the merger. Our contracts with NPTI, and now STNG, represents 9% of our contracted EBITDA backlog of USD 2.8 billion. We welcome Scorpio Tankers as a new client and look forward to what will be a long-term relationship with the company.”
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
Ocean Yield 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 has an ambition to pay attractive quarterly dividends to its shareholders.
This notice is issued pursuant to Section 5-12 of the Norwegian Securities Trading Act