Acquisition of two AHTS vessels

07 Mar 2013
Ocean Yield, a wholly owned subsidiary of Aker ASA, has entered into an agreement to acquire two newbuilding AHTS vessels from Farstad Supply, a 100 per cent owned subsidiary of Farstad Shipping ASA, for a total consideration of approximately NOK 1.2 billion. The vessels are expected to be delivered from the yard at the end of March and May 2013. Upon delivery, the vessels will enter into 12-year bareboat charters to Farstad Supply.  Farstad Supply has options to acquire the vessels during the charter period, with the first options being exercisable after five years.The vessels are being built at STX Langsten and are of UT 731 CD design. They are high-end AHTS vessels with 24,371 BHP and 265 mt bollard pull.Ocean Yield has secured long-term export financing for approximately 75 per cent of the purchase price on attractive terms. The remaining amount will be funded with equity. The transaction will add approximately 20 % to Ocean Yield’s EBITDA contract backlog.“We are very pleased to announce this transaction with Farstad Shipping ASA, a company with an excellent standing and track record  in the supply vessel market,’’ Ocean Yield’s Chief Executive Officer Lars Solbakken said in a comment.  “This transaction confirms our ability to generate sale & leaseback transactions with high quality counterparts and is an important step towards building a larger and more diversified portfolio of vessels before the listing of the company on the Oslo Stock Exchange”.END