May 7, 2019   SOURCE: PR NewsWire

Ocean Yield ASA: First Quarter 2019 Report

STOCKHOLM, May 7, 2019 /PRNewswire/ -- Ocean Yield ASA ("Ocean Yield" or the "Company") announces results for the first quarter ending 31st March 2019.

Highlights

    --  Declared the 23rd consecutive quarterly dividend of USD 0.1910 per share
        for Q1 2019.
    --  EBITDA for Q1 2019 was USD 51.9 million and EBITDA adjusted for finance
        lease effects was USD 67.8 million.
    --  Net profit after tax for Q1 2019 was USD 8.4 million and Adjusted net
        profit was USD 8.4 million. The FPSO and the Connector had a negative
        contribution of USD 11.8 million in the quarter.
    --  Acquisition and delivery of one modern Suezmax tanker for a total
        consideration of USD 49.0 million, net of a seller's credit of USD 7
        million, with a 13-year bareboat charter to Okeanis Eco Tankers Corp.
    --  Agreement with Aker Energy AS regarding an option for a long-term
        bareboat charter of the FPSO Dhirubhai-1 for oil and gas production in
        Ghana. Post quarter end, this option has been extended by another
        30-days until 30th May 2019.
    --  During the first quarter, a new short-term time charter contract for the
        vessel Connector was secured. Post quarter end, another contract has
        been secured for a period of 28 days plus options, with start-up
        immediately following the previous contract. The firm period of this
        contract runs until 26th May 2019. If all options are exercised, the
        vessel will be employed until mid-June.
    --  Post quarter end, Ocean Yield agreed to acquire two modern Ultramax dry
        bulk vessels for a total consideration of USD 42 million net of a
        seller's credit, with 11-year bareboat charters to Scorpio Bulkers Inc.
    --  Post quarter end, the first in a series of four newbuilding VLCCs with
        fifteen year bareboat charter to Okeanis Eco Tankers Corp. and with five
        year sub charter to Koch Shipping Pte. Ltd. was delivered.

Lars Solbakken, CEO of Ocean Yield, said in a comment:
"Results in the first quarter were negatively impacted by no revenues from the FPSO and very limited revenues from the subsea vessel Connector. With respect to the FPSO, we continue the dialogue with Aker Energy with the aim of securing a new long-term charter for use of the FPSO in Ghana, and Aker Energy has now extended the option period until 30th May 2019. Ocean Yield now has a fleet of 60 vessels on long-term charter, including four VLCCs for delivery during Q2-Q3 that will contribute positively to earnings going forward."

Ocean Yield ASA Q1 2019 Financial Report

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

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     https://mb.cision.com/Public/15361/2806052/893579a904dd8bef.pdf Ocean Yield ASA Q1 2019
                                                                         Financial Report

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SOURCE Ocean Yield