Fornebu, 5th May 2020, Ocean Yield ASA (“Ocean Yield” or the “Company”) announces results for the first quarter ending 31st March 2020. HighlightsThe COVID-19 pandemic, combined with a significant drop in the oil price, created substantial volatility in the shipping and financial markets in the first quarter. The long-term impact of the pandemic is still difficult to predict.The Board of Directors has declared a dividend of USD 0.05 per share. This is the 27th consecutive quarterly dividend declared by the Company. EBITDA for Q1 2020 was USD 56.4 million and EBITDA adjusted for finance lease effects was USD 81.7 million. Profit for Q1 2020 was negative USD 1.6 million. The profit was negatively impacted by an extreme movement in the NOK against the USD, which negatively affected mark-to-market of cross currency swaps. This was partly offset by foreign exchange gains, but overall the currency- and interest rate movements had a net negative accounting effect of USD 16.3 million in the quarter. Adjusted net profit for Q1 2020 was USD 18.1 million. In February, Ocean Yield agreed to acquire two ultramax and one kamsarmax dry bulk vessels for a total consideration of USD 62.8 million net of pre-paid charter hire with 9, 10 and 12 years bareboat charters to Scorpio Bulkers Inc. The standstill period with Solstad Offshore ASA (“Solstad”) was extended until 8th May 2020. It is expected that new charter agreements with Solstad will be signed for the two AHTS vessels on long-term charter in connection with the closing of the financial restructuring of the company. In an arbitration with Okeanis Eco Tankers (“Okeanis”), the arbitration tribunal decided that Okeanis did not have the right to exercise the purchase options on four VLCCs. Hence, the vessels will continue on their long-term bareboat charters to Okeanis. In March, the subsea construction and cable lay vessel Connector commenced a 175-day time charter with Ocean Installer for subsea installation work in China.During the quarter, the Company raised a total of USD 85.3 million in new loan facilities related to vessel financings. Lars Solbakken, CEO of Ocean Yield, said in a comment: “With 68 out of 72 vessels on long-term charter, Ocean Yield has a higher predictability of earnings than most shipping companies. However, in light of the COVID-19 pandemic and the low oil price, we continue to monitor the portfolio closely and have decided to reduce the dividend in order to be prepared for potential negative events.”Ocean Yield ASA Q1 2020 Financial ReportCompany contact:Eirik Eide (CFO), Tel +47 24 13 01 91Investor Relations contact:Marius Magelie (SVP Finance & Investor Relations), Tel +47 24 13 01 82