Oslo, 10th July 2014, Ocean Yield ASA ("Ocean Yield" or the "Company") announces results for the second quarter ending 30th June and first half year 2014.
·The Board of Directors has declared a dividend of USD 0.13 per share for Q2 2014. This is an increase of 0.50 cents per share compared with the previous quarter. On an annualized basis, the dividend equals USD 0.52 per share. Based on the closing share price as of 10th July 2014, this gives a dividend yield of 8.03% p.a. ·Operating Revenues increased to USD 62.1 million, EBITDA to USD 55.4 million and Operating Profit (EBIT) to USD 31.0 million in the second quarter 2014.
·Net Profit after tax was USD 17.1 million for the second quarter 2014. This includes net non- recurring negative amounts of USD 9.2 million in the quarter related to refinancing of vessels, repurchase of bonds, mark-to-market of derivatives and foreign exchange.
·Ocean Yield entered into newbuilding contracts for three Liquefied Ethylene Gas carriers with 15-year bareboat charters to the Hartmann Group,with a sub- charter for 10 years on a time-charter basis to a strong counterparty. The total contract price is USD 243 million.
·Ocean Yield agreed to acquire two car carriers of 4900 car capacity with 8-year bareboat charters to Höegh Autoliners for a total consideration of USD 90 million.
·Ocean Yield took delivery of its first newbuilding car carrier, the "Höegh Jacksonville". ·Ocean Yield closed a new USD 250 million bank facility, secured against six car carriers. The new facility provides for significantly reduced interest rate expenses related to the car carriers going forward.
·The FPSO Dhirubhai-1 had operational utilization of 100% during the quarter.
The dividend will be paid on or about 29th July 2014 to shareholders as of 16th July 2014 registered with the Norwegian Central Securities Depository (the "VPS") as of 21st July 2014 (the "Record Date"). The ex-dividend date will be 17th July 2014.
For the full report visit : www.ocy.no/ir
Lars Solbakken, Chief Executive Officer +47 24 13 01 90 Eirik Eide, Chief Financial Officer +47 24 13 01 91
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.