Fornebu, 15th February 2018, Ocean Yield ASA ("Ocean Yield" or the "Company") announces results for the fourth quarter and preliminary results for the year ending 31st December 2017.
· Declared a dividend of 0.1895 per share for Q4 2017. This is an increase of 0.10 cents per share compared with the previous quarter. · EBITDA for Q4 2017 was USD 80.4 million, and EBITDA adjusted for finance lease effects was USD 89.3 million. · Net profit before tax for Q4 2017 was USD 35.5 million and Net profit after tax was USD 30.9 million. Adjusted net profit was USD 34.4 million. · Acquisition of three Suezmax crude tankers with 10-year bareboat charters to Nordic American Tankers Limited. · The vessel Connector secured a contract for cable lay operations for a firm period of 130 days plus 130 days in the charterer's option, with start up around 20th February 2018. · After the end of the quarter, Ocean Yield announced the acquisition of four VLCC crude tankers with 15-year bareboat charters to Okeanis Marine Holdings SA, with a 5-year sub-charter to the shipping arm of a large industrial conglomerate. · Also subsequent to quarter end, Ocean Yield announced the acquisition of two 2018 built handysize dry-bulk vessels with 12-year charters to companies owned and guaranteed by the Louis Dreyfus Armateurs Group. · The Charter backlog at the end of Q4 2017 was USD 3.0 billion. Including the announced transactions after quarter end, the charter backlog was USD 3.5 billion on an adjusted EBITDA basis with remaining average duration of 11.5 years.
Commenting on the fourth quarter results, Lars Solbakken, CEO of Ocean Yield, said:
"The fourth quarter was yet another quarter of stable earnings, where we expanded our presence in the crude tanker segment with another three Suezmax tankers with long-term charter. In addition, we have after quarter end announced another major investment in the crude segment, with four newbuilding VLCCs with long-term charters. We have also after year end invested in two dry-bulk vessels on long-term charter to Louis Dreyfus Armateurs. These vessels will contribute to further expand our charter backlog and future dividend capacity." Company contacts:
Lars Solbakken (CEO), Tel +47 24 13 01 90
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 ca