The contract for the FPSO Dhirubhai-1, which operates on a 10-year contract on the MA-field with Reliance Industries Limited ("Reliance Industries") in India, expires on Wednesday 19th September 2018 at 06:00 CEST.
Ocean Yield ASA's ("Ocean Yield" or "the Company") subsidiary, Aker Floating Production AS, has today received an instruction from Reliance Industries to shut-down production on the MA-field.
Reliance Industries has a purchase option for the FPSO which is valid until expiry of the contract. Following contract expiry, Ocean Yield will revert with more information on Wednesday morning,19th September 2018.
The Company expects that the Q3 dividend will remain unchanged from Q2 2018. Company contact:
Eirik Eide (CFO), Tel +47 24 13 01 91
Investor Relations contact:
Marius Magelie (SVP Finance & IR), Tel +47 24 13 01 82 Company information:
Ocean Yield ASA 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.