Lewek Connector: Request from the charterer EMAS AMC AS

16 Dec 2016

Ocean Yield ASA ("Ocean Yield" or the "Company") has been contacted by EMAS AMC AS, being the charterer of the vessel Lewek Connector, with a request to enter into a short-term standstill agreement relating to the bareboat charter of the vessel for the months of December 2016 and January 2017. Given the challenging offshore market, the parent company of EMAS AMC AS, EMAS Chiyoda Subsea, has initiated discussions with its creditors in order to restructure and recapitalise the company. EMAS Chiyoda Subsea is owned 40% by Ezra Holdings Ltd., 35% by Chiyoda Corporation and 25% by Nippon Yusen Kabushiki Kaisha ("NYK"). EMAS-AMC AS' obligations under the charterparty for the Lewek Connector are guaranteed by Ezra Holdings Limited, listed on the Singapore Stock Exchange. Company contacts: Lars Solbakken, CEO of Ocean Yield ASA Phone: +47 24 13 01 90 Eirik Eide, CFO of Ocean Yield ASA Phone: +47 24 13 01 91 Investor Relations contact: Marius Magelie, SVP Finance & IR Phone: +47 24 13 01 82