Ocean Yield ASA: Q1 2017 Financial Report
08 May 2017
Oslo, 8th May 2017, Ocean Yield ASA ("Ocean Yield" or the "Company") announces
results for the first quarter 2017.
· Declared a dividend of USD 0.1850 per share for Q1 2017. This is an increase
of 0.25 cents per share compared with the previous quarter and is the 14th
consecutive quarterly increase.
· Net profit before tax was USD 40.5 million and Net profit after tax was USD
36.8 million. Adjusted net profit was USD 33.4 million.
· The charter backlog was USD 2.8 billion on an adjusted EBITDA basis with
remaining average duration of 11.4 years.
· Successful delivery of two newbuilding container vessels during Q1 2017 with
· Ocean Yield owned unsecured bonds issued by American Shipping Company ASA
with a nominal value of USD 200.6 million. These bonds were refinanced during
the quarter, where Ocean Yield participated with USD 50 million in a new five
-year unsecured bond and received net cash proceeds of USD 156 million.
· Agreement with Farstad Supply AS to restructure the terms of the bareboat
· Termination of the bareboat charter for the vessel Lewek Connector and
agreement of a new four-month charter.
· Strong Book equity ratio of 35.2% and USD 213.4 million in available
liquidity in cash and undrawn credit lines.
Commenting on the first quarter results, Lars Solbakken, CEO of Ocean Yield ASA,
"We are pleased to present the results from Q1 2017, with the 14th consecutive
quarterly increase in dividends and a strong net profit, despite lower earnings
from the Lewek Connector. After a period with soft market conditions in both
shipping and offshore, we are of the opinion that we have passed the bottom of
this cycle in several shipping and offshore segments. We are therefore actively
pursuing new investment opportunities in order to further expand our portfolio
of vessels on long-term charter."
For the full report, visit www.oceanyield.no/IR
Lars Solbakken, CEO, +47 24 13 01 90
Eirik Eide, CFO, +47 24 13 01 91
Investor Relations contact:
Marius Magelie, SVP Finance & IR, +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. Ocean Yield
ASA has an ambition to pay attractive quarterly dividends to its shareholders.