Ocean Yield AS ("Ocean Yield" or the "Company") today announced that, together with vehicles managed by KKR (“KKR”), a leading global investment firm, it has agreed to purchase 100% of the shares in CapeOmega Gas Transportation AS (“CapeOmega”) from Partners Group, acting on behalf of its clients.
CapeOmega co-owns ten LNG carriers operated by Knutsen LNG, a world leading owner and operator of LNG carriers. Seven vessels are currently on the water with an average age of two years, and three vessels are to be delivered from the shipyard in 2025 and 2026. All vessels are employed on long-term charters to the tier-one investment grade-rated energy companies, Shell, Engie and QatarEnergy, with an average contract duration of 9 years, or 16 years including extension options. The transaction will add approximately USD 120 million to Ocean Yield’s adjusted EBITDA backlog.
Andreas Røde, Chief Executive Officer at Ocean Yield, commented: “We are pleased to co-invest with KKR in this transaction, which provides attractive exposure to modern LNG carriers, all employed on long-term charters to investment grade-rated counterparties.”
Closing of the transaction is expected to occur during the second half of 2025.
KKR is also expected to inject additional equity into Ocean Yield to help maintain a robust balance sheet with capacity for further growth.
BAHR and Simpson Thacher & Bartlett acted as legal advisors to Ocean Yield and KKR in connection with the transaction.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
Ocean Yield AS 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.