Ocean Yield ASA Q3 2014 Report - Increased quarterly dividend
10 Nov 2014
Oslo, 10th November 2014, Ocean Yield ASA ("Ocean Yield" or the "Company") announces results for the third quarter ending 30th September, 2014. HIGHLIGHTS -The Board of Directors has declared a dividend of USD 0.1375 per share for Q3 2014. This is an increase of 0.75 cents per share compared with the previous quarter. On an annualized basis, the dividend equals USD 0.55 per share. Based on the closing share price as of 10th November 2014, this is a dividend yield of 8.7% p.a. The dividend payment related to Q3 2014 is equal to 75% of the net result after tax for the quarter. -EBITDA was USD 54.2 million for the third quarter 2014 compared with USD 55.6 million for the third quarter of 2013. A non-recurring provision of USD 2.9 million related to Aker Floating Production AS has been booked in the quarter, relating to a court decision in a legal dispute regarding an insurance claim dating back to 2008. -Net profit after tax was USD 24.5 million for the third quarter 2014 compared with USD 19.1 million for the third quarter 2013. The Net profit was in total negatively affected by net non-recurring items of USD 1.7 million. -In July, Ocean Yield issued new unsecured bonds of NOK 400 million with maturity in July 2019. -On September 5th, Ocean Yield took delivery of its 6,500 CEU newbuilding car carrier, the Höegh Jeddah. -Ocean Yield extended the bareboat charter for the vessel Aker Wayfarer from 2020 until 2027, in combination with an additional investment of between USD 89.2 million and USD 98.0 million against an increased bareboat rate. -The EBITDA charter backlog increased to USD 2.2 billion with an average weighted tenor of 9.5 years. The dividend will be paid on or about 26th November 2014 to shareholders as of 14th November 2014 registered with the Norwegian Central Securities Depository (the "VPS") as of 18th November 2014 (the "Record Date"). The ex-dividend date will be 17th November 2014. For the full report visit : www.ocy.no/ir Company contact: 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.