OCY - Standstill agreement with Solstad Offshore ASA for the vessels Far Senator and Far Statesman

20 Dec 2018
Ocean Yield ASA ("Ocean Yield") has together with the secured lenders to certain subsidiaries of Solstad Offshore ASA that previously were part of the Farstad Shipping Group, entered into a 6 month standstill period with respect to payment of interest, instalments and charter hire. To the extent the cash in these subsidiaries exceeds NOK 300 million on a consolidated basis, the excess amount will be used for settlement of the delayed payments on a pro rata basis. During the standstill period Solstad Offshore ASA intends to implement a financial restructuring of the company.Ocean Yield will in connection with the Q4 2018 results consider if it is necessary to make an impairment of the book value of the vessels Far Senator and Far Statesman.Company contact:Eirik Eide (CFO), Tel +47 24 13 01 91Investor Relations contact:Marius Magelie (SVP Finance & IR), Tel +47 24 13 01 82Company information: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.