Third Quarter results 2024

Fornebu, 19th November 2024, Ocean Yield AS (“Ocean Yield” or the “Company”) announces results for the third quarter 2024. 

HIGHLIGHTS

• EBITDA for Q3 2024 was USD 55.9 million and Adjusted EBITDA was USD 94.6 million. Net profit for Q3 2024 was USD 23.2 million. 
• Strong balance sheet, with an equity ratio of 34.0% and USD 395.1 million in available liquidity. 
• Agreed to acquire 34% indirect economic interest in France LNG Shipping SAS, a company owning a portfolio of LNG carriers on long-term charters to three European investment grade counterparties. 
• Delivery of the first Newcastlemax newbuilding with long-term charter to CMB.TECH NV.
• Successful placement of a new five-year unsecured bond in the amount of NOK 1,251 million.
• Issued a call notice and repaid all remaining bonds under the hybrid perpetual bond issue OCY06.
• The EBITDA charter backlog at the end of Q3 2024 was USD 4.5 billion with an average remaining contract duration of 10.0 years. This is including the recently announced LNG transaction. 

Andreas Røde, CEO of Ocean Yield, said in a comment: 
“Ocean Yield is pleased to report another stable quarter, with net profit of 23.2 million and adjusted EBITDA of USD 94.6 million. This quarter, focus has been on obtaining regulatory approvals for the announced LNG transaction and preparing for closing. The LNG transaction will be transformational for Ocean Yield, introducing a new segment to the portfolio, with strong partners and end users. The infrastructure like characteristics of LNG fits well with our strategy of investing in long-term, stable cash flows to tier-one counterparties.” 

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.