Oslo, 2nd November 2015, Ocean Yield ASA ("Ocean Yield" or the "Company") announces results for the third quarter ending 30th September 2015.
The Board of Directors has declared a dividend of USD 0.1575 per share for Q3 2015. This is an increase of 0.50 cents per share compared with the previous quarter. On an annualized basis, the dividend equals USD 0.63 per share. Based on the closing share price as of 2nd November 2015, this is a dividend yield of 7.7% p.a. This is the 8th consecutive dividend increase since the IPO of Ocean Yield in July 2013.
-In July, Ocean Yield agreed to acquire four LR2 product tankers with 13 years charter to Navig8 Product Tankers Inc. for a total consideration of USD 198.1 million.
-Total revenues were 65.3 million for the third quarter 2015 compared with USD 65.4 million for the third quarter 2014.
-EBITDA was USD 56.4 million for the third quarter 2015 compared with USD 54.2 million for the third quarter of 2014. Adjusted for finance lease effects, the EBITDA was USD 59.6 million in Q3 2015.
-Operating profit was USD 32.4 million for the third quarter 2015 compared with USD 28.5 million for the third quarter 2014.
-Net profit after tax was USD 22.7 million for the third quarter 2015 compared with USD 24.5 million for the third quarter of 2014. Adjusted for non-recurring items, mainly consisting of currency fluctuations and mark-to-market of derivatives, the net profit was USD 27.9 million.
-The charter backlog was USD 2.83 billion in revenues and USD 2.75 billion on an EBITDA basis, with an average weighted tenor of 10.4 years.
The dividend will be paid on or about 16th November 2015 to shareholders as of 5th November 2015 registered with the Norwegian Central Securities Depository (the "VPS") as of 9th November 2015 (the "Record Date"). The ex-dividend date will be 6th November 2015.
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.