Third Quarter results 2021
Fornebu, 2nd November 2021, Ocean Yield ASA (“Ocean Yield” or the “Company”)
announces results for the third quarter 2021.
02 Nov 2021
The Board of Directors has declared a dividend of USD 5.70 cents per share with an equivalent of NOK 0.4810 per share. This is the 33rd consecutive quarterly dividend paid by the Company.
- EBITDA for Q3 2021 was USD 33.0 million and EBITDA adjusted for finance lease effects was USD 54.7 million.
- Net profit for the period Q3 2021 was negative USD 2.5 million, which includes an impairment of USD 16.4 million on the FPSO Dhirubhai-1 and one-off expenses related to the acquisition by KKR of USD 8.5 million. Adjusted net profit for Q3 2021 was USD 21.5 million.
- Octopus Bidco AS, a company owned by funds advised by KKR, has launched a voluntary cash offer for all shares in Ocean Yield.
- Ocean Yield has acquired 50% of three suezmax tankers owned 50/50 by Aker Capital AS and Ocean Yield, thereby increasing its ownership to 100%. The vessels have long-term charters to Nordic American Tankers Ltd.
- Ocean Yield has acquired 49.9% equity interest in one dual-fuel 15,300 TEU newbuilding container vessel with 18-year charter.
- Post quarter end, Ocean Yield has entered into an agreement to acquire six eco-design VLCCs for a total consideration of USD 375 million.
- Also post quarter end, Navig8 Ltd. exercised an option to sell two LR2 tankers on long-term charter to an unrelated third party. Delivery is expected to take place in Q1 2022 and Ocean Yield expects to record a small book profit from the sales.
Lars Solbakken, CEO of Ocean Yield, said in a comment:
“KKR has launched a voluntary offer for all shares in Ocean Yield and our main shareholder Aker Capital AS, owning 61.7% of the Company has accepted the offer. The independent members of the Board of directors have recommended all shareholders to accept the offer.”
Ocean Yield ASA Third Quarter 2021 Report