Reference is made to the press release issued by Farstad Shipping ASA ("Farstad") today, July 4th 2016, where Farstad and a majority of its secured lenders have entered into a standstill and deferral agreement and a defeasance of all financial covenants until 1 October 2016, in anticipation of a financial restructuring of the Farstad group.
Ocean Yield currently has two vessels on long-term bareboat charter to Farstad Supply AS, a subsidiary of Farstad Shipping ASA. Farstad Supply AS will continue to pay full bareboat hire to Ocean Yield during the standstill period. Certain covenants in the bareboat agreements have, however, been waived until 1 October 2016.
Company contacts: Lars Solbakken, CEO of Ocean Yield ASA Phone: +47 24 13 01 90
Eirik Eide, CFO of Ocean Yield ASA Phone: +47 24 13 01 91
Investor Relations contact: Marius Magelie, SVP Finance & IR Phone: +47 24 13 01 82