04 May 2015
Oslo, 4th May 2015, Ocean Yield ASA ("Ocean Yield" or the "Company") announces results for the first quarter ending 31st March, 2015. HIGHLIGHTS -The Board of Directors has declared a dividend of USD 0.1475 per share for Q1 2015. This is an increase of 0.50 cents per share compared with the previous quarter. On an annualized basis, the dividend equals USD 0.59 per share. Based on the closing share price as of 4th May 2015, this is a dividend yield of 7.8% p.a. -EBITDA was USD 55.2 million for the first quarter 2015 compared with USD 53.2 million for the first quarter of 2014. -Net profit after tax was USD 28.1 million for the first quarter 2015 compared with USD 28.6 million for the first quarter of 2014. -Ocean Yield agreed to acquire eight newbuilding chemical tankers for a total consideration of USD 306.8 million in combination with 15-year "hell and high" bareboat charters to Navig8 Chemical Tankers Inc. -Ocean Yield ASA signed a new revolving credit facility of USD 220 million for the financing of the vessel Aker Wayfarer. -Ocean Yield closed a new unsecured bond issue of NOK 1,000 million with maturity in April 2020. The bonds carry a coupon of NIBOR + 4.00% p.a. with quarterly interest payments. The acquisition of the eight chemical tankers, the refinancing of the Aker Wayfarer and the new unsecured bond issue were all events subsequent to quarter end. The charter backlog, including the Navig8 Chemical Tanker transaction announced on 1st April 2015, was USD 2.8 billion in revenues and USD 2.7 billion on an EBITDA basis, with an average weighted tenor of 10.2 years. The dividend of USD 0.1475 per share is on an annualized basis equal to USD 0.59 per share. The dividend will be paid on or about 20th May 2015 to shareholders as of 7th May 2015 registered with the Norwegian Central Securities Depository (the "VPS") as of 11th May 2015 (the "Record Date"). The ex- dividend date will be 8th May 2015. For the full report visit: Company contacts: Lars Solbakken, Chief Executive Officer +47 24 13 01 90 Eirik Eide, Chief Financial Officer +47 24 13 01 91 This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.