Investment in two Suezmax tankers with long term charters

Ocean Yield AS ("Ocean Yield" or the "Company") is pleased to announce that it has agreed to acquire two 2016-built Suezmax tankers with 8-year bareboat charters to Nordic American Tankers Ltd. ("NAT"), with purchase obligations at the end of the charter periods. The vessels are expected to be delivered to Ocean Yield during the second quarter. NAT is a leading crude tanker company listed on the New York Stock Exchange with a fleet of 21 Suezmax tankers. 

CEO Andreas Røde said in a comment: “We are pleased to conclude another transaction with NAT, reflecting the strong relationship between our two companies. We have a long track-record of growing with our partners, and we are pleased to continue to support NAT with its fleet growth and renewal." 

The transaction will add approximately USD 90 million to the Company's EBITDA backlog. 

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.