INVESTMENT IN SIX VLCCS WITH LONG-TERM CHARTERS


26 Oct 2021

With reference to the press release dated 13 October 2021, Ocean Yield ASA (“Ocean Yield” or the “Company”) is pleased to announce that the Company has agreed to invest in six VLCCs with 10-year bareboat charters to International Seaways Inc. (“International Seaways”) with purchase obligations at the end of the charters. The total net purchase price is about USD 375 million, net of seller’s credits. Five of the VLCCs were built in 2016 and one in 2015. Ocean Yield expects to take delivery of the vessels during Q4 2021.

International Seaways is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products and owns and operates a fleet of 92 vessels. The company is listed on the New York Stock Exchange with a market capitalization of about USD 920 million.

Company contact:

Eirik Eide (CFO), Tel +47 24 13 01 91

Investor Relations contact:

Marius Magelie (SVP Finance & Investor Relations), 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.