Investment in LNG carriers with long-term charters

Ocean Yield AS ("Ocean Yield" or the "Company") is pleased to announce that it has agreed to purchase infrastructure fund CVC DIF’s share in the French company Geogas LNG, providing an indirect economic interest of up to 34% in France LNG Shipping SAS (“FLS”). FLS owns a portfolio of LNG carriers on long-term charters and is 50/50 owned by NYK and Geogas LNG. Six vessels are currently on the water with an average age of three years, with further two being delivered in 2024 and 2025. Four additional newbuildings are expected to be novated to FLS at or around closing of the transaction and will be delivered in 2027. All vessels are employed on long-term charters to tier-one investment grade-rated European energy companies, with an average contract duration of 10 years, or 14 years including extension options. Based on an indirect economic interest of 34%, the transaction will add approximately USD 840 million to Ocean Yield’s EBITDA backlog. Closing of the transaction is expected to occur during the second half of 2024, subject to certain customary conditions.

Chief Executive Office Andreas Røde said in a comment: “We are pleased to partner with NYK, Geogas Maritime and Access Capital Partners for our first transaction in the LNG segment. FLS controls a fleet of modern LNG carriers with a low carbon footprint and long-term charters to investment grade-rated counterparties.”

BAHR and Stephenson Harwood acted as legal advisors to the Company in connection with the transaction.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Company contacts:

Andreas Røde (CEO), Tel +47 98 22 85 62

Eirik Eide (CFO), Tel +47 95 00 89 21

Investor Relations contact:

Karl Fredrik Schjøtt-Pedersen (SVP Finance & Investor Relations), Tel +47 95 13 23 35

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.