Fornebu, 2nd November 2020, Ocean Yield ASA (“Ocean Yield” or the “Company”) announces results for the third quarter 2020.
Lars Solbakken, CEO of Ocean Yield, said in a comment:
“We are pleased to announce an increase in dividends for the third quarter. The current dividend level is conservative relative to expected future earnings and the intention is to gradually increase the dividends further going forward. Despite market volatility caused by COVID-19, all our counterparties are performing according to the respective charter contracts and we are of the opinion that the counterparty risk has been reduced during Q3. The book values of two of our oil-service vessels have been substantially reduced in Q3 reflecting a less favourable market outlook for these vessels due to the low oil price. Post quarter end Ocean Yield announced the investment in two suezmax newbuildings with 10 year charter contracts and these vessels will contribute to increased earnings and dividend capacity as from delivery.”
Eirik Eide (CFO), Tel +47 24 13 01 91
Investor Relations contact:
Marius Magelie (SVP Finance & Investor Relations), Tel +47 24 13 01 82
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.