First Quarter results 2023
Fornebu, 24th May 2023, Ocean Yield AS (“Ocean Yield” or the “Company”) announces results for the first quarter of 2023.
Highlights
- EBITDA for Q1 2023 was USD 58.1 million and EBITDA adjusted for finance lease effects was USD 87.4 million.
- Net profit for Q1 2023 was USD 23.0 million.
- Strong balance sheet, with an equity ratio of 30.5% and USD 113 million in cash.
- During the quarter, the Company repaid the OCY05 bond of NOK 750 million.
- A new bond loan, OCY08 was issued with a nominal amount of NOK 750 million. In connection with the bond issue, the Company has repurchased USD 39.3 million in OCY06 and NOK 299.5 million in OCY07.
- New bareboat charters entered into for two AHTS vessels to Viking Supply Ships AB.
- EBITDA charter backlog at the end of Q1 2023 of USD 3.7 billion with an average remaining contract duration of 9.3 years.
Andreas Røde, CEO of Ocean Yield, said in a comment:
“I am proud to announce that Ocean Yield has delivered another quarter of solid performance. During the quarter focus has been on securing attractive long-term financing for our newbuilding vessels and proactively refinancing several secured and unsecured loan facilities. I am also pleased with finding an attractive long-term solution for our two AHTS vessels, which will reduce earnings volatility in line with our strategy. Once the vessels are delivered to Viking Supply Ships AB in the second half of 2023, 100% of our fleet will be on long-term charters. Given our strong balance sheet and cash position, we actively evaluate growth opportunities.”
Company contacts:
Andreas Røde (CEO), Tel +47 24 13 42 45
Eirik Eide (CFO), Tel +47 24 13 01 91
Investor Relations contact:
Karl Fredrik Schjøtt-Pedersen (SVP Finance & Investor Relations), Tel +47 951 32 335
Company information:
Ocean Yield AS 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.