Oslo, 8th May 2014, Ocean Yield ASA ("Ocean Yield" or the "Company") announces preliminary results for the first quarter ending 31st March, 2014.
· The Board of Directors has declared a dividend of USD 0.125 per share for Q1 2014. This is an increase of 0.25 cents per share compared with the previous quarter. On an annualized basis, the dividend equals USD 0.50 per share. Based on the closing share price as of 8th May 2014, this is a dividend yield of 7.6% p.a. The dividend payment related to Q1 2014 is equal to 59% of the net result after tax for the quarter.
· EBITDA was USD 53.2 million for the first quarter 2014 compared with USD 48.8 million for the first quarter of 2013.
· Net Profit after tax was USD 28.6 million for the first quarter 2014 compared with USD 17.1 million for the first quarter 2013.
· In March 2014, Ocean Yield completed a new unsecured bond issue of NOK 600 million with maturity in March 2019. The bonds have a coupon of NIBOR plus 3.90% p.a. At the same time, NOK 432 million of outstanding bonds maturing in July 2017 was repurchased in the market.
· After the end of the quarter, Ocean Yield took delivery of its first newbuilding car carrier. The vessel "Höegh Jacksonville" is of 6 500 car capacity and entered into its 12 year bareboat charter with Höegh Autoliners immediately from delivery.
· After the end of the quarter, Ocean Yield entered into newbuilding contracts for three Liquefied Ethylene Gas carriers with 15-year bareboat charter to the Hartmann Group, with a sub-charter for 10 years on a time-charter basis to a strong counterparty. The total investment is estimated to be approximately USD 243 million.
· After the end of the quarter, Ocean Yield agreed to acquire two car carriers of 4 900 car capacity with long-term bareboat charters to Höegh Autoliners. The total investment will be about USD 90 million.
The dividend will be paid on or about 26th May 2014 to shareholders as of 14th May 2014 registered with the Norwegian Central Securities Depository (the "VPS") as of 19th May 2014 (the "Record Date"). The ex-dividend date will be 15th May 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.