Fornebu, 12th February 2019, Ocean Yield ASA ("Ocean Yield" or the "Company") announces results for the fourth quarter ending 31st December 2018 and preliminary results for the year ending 31st December 2018.
· Declared a dividend of USD 0.1910 per share for Q4 2018. This is the 22nd consecutive quarterly dividend since the IPO of the Company in 2013. · Acquisition and delivery of two 2015-built 37,000 dwt IMO II chemical tankers with 12-year bareboat charters to Ardmore Shipping Corporation. · Delivery of the third newbuilding suezmax tanker with long-term charter to Nordic American Tankers Ltd. · Post quarter end, acquisition and delivery of one modern Suezmax tanker for a consideration of USD 56.0 million with 13-year bareboat charter to Okeanis Eco Tankers Corp. · Also post quarter end, an agreement has been entered into with Aker Energy AS ("Aker Energy"), where Aker Energy will pay USD 3 million for an option to bareboat charter the FPSO Dhirubhai-1 for 15-years for oil and gas production in Ghana. · Net profit after tax for the year 2018 was USD 58.4 million and Adjusted net profit was USD 121.6 million. · Q4 2018 showed a Net loss after tax of USD 49.9 million and Adjusted net profit was USD 12.5 million. The results in the fourth quarter were negatively impacted by impairments, write downs and provisions totalling USD 51.8 million. In addition to these extraordinary items, there was depreciation and operating expenses on the FPSO of USD 10.5 million in the quarter. · EBITDA for Q4 2018 was USD 35.5 million and EBITDA adjusted for finance lease effects was USD 51.3 million. These figures include a write-down of receivables of USD 19.5 million.
Lars Solbakken, CEO of Ocean Yield, said in a comment: "We are pleased to announce that we have entered into an option agreement with Aker Energy AS for a 15-year bareboat charter for the FPSO Dhirubhai-1 for oil and gas production in Ghana. If the option is exercised, we expect some revenues from the FPSO already this year and increased revenue contribution from first oil in 2021. 2018 has been a very active year for Ocean Yield with a total of USD 666 million invested in vessels on long-term charter."
Q4 2018 Financial Report (https://mb.cision.com/Public/15361/2739602/81a77ed56c15dd89.pdf) 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 c