Extension of Standstill agreement with Solstad Offshore ASA for the vessels Far Senator and Far Statesman


20 Jun 2019

On 20th of December 2018 Ocean Yield ASA (“Ocean Yield”) together with the secured lenders to certain subsidiaries of Solstad Offshore ASA that previously were part of the Farstad Shipping Group (“Subsidiaries”), entered into a 6 month standstill period with respect to payment of interest, instalments and charter hire. Albeit the negotiations for the restructuring of the Solstad Offshore ASA group are progressing, more time is required to find a sustainable solution to the financial situation of the Solstad Offshore ASA group. Ocean Yield has therefore agreed to extend the standstill period up to and including 31 October 2019. The terms of the standstill will remain unchanged, and to the extent the cash in the Subsidiaries exceeds NOK 300 million on a consolidated basis, the excess amount will be used for settlement of the delayed payments on a pro rata basis.

 

Company contact:

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 capacity.