28 Feb 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN. Reference is made to the stock exchange release by Ocean Yield ASA ("Ocean Yield" or the "Company") on 28 February 2018 regarding a contemplated private placement (the "Private Placement") of up to 11,000,000 new shares in the Company. The Company is pleased to announce that the Private Placement has been fully subscribed, and that the Board of Directors has resolved to issue and allocate 11,000,000 new shares (the "New Shares") at a subscription price of NOK 69 per share, raising gross proceeds of NOK 759,000,000. The Private Placement was substantially over-subscribed. Aker Capital AS ("Aker") (the largest shareholder in Ocean Yield) had pre -subscribed for 5,500,000 new shares. Due to strong demand, Aker has been allocated zero new shares in order to give priority to other investors to improve the overall free float in the share. In order to facilitate timely delivery of shares to subscribers in the Private Placement, delivery of the shares allocated in the Private Placement will be made by delivery of already listed shares in the Company pursuant to a share lending agreement entered into between the Company, Arctic Securities AS and Aker. The share capital increase pertaining to the New Shares is resolved by the Board of Directors pursuant to an authorization granted to the Board of Directors by the Company's annual general meeting on 20 April 2017. Completion of the Private Placement requires derogation from existing shareholders pre-emption rights. The Board of Directors consider the Private Placement and such derogation to be a better alternative than a rights issue, as the Company is able to raise capital more quickly, at a lower discount to the last trading price and with significantly lower transaction costs and completion risk. Lars Solbakken, CEO in Ocean Yield said in a comment: "We are pleased to announce a successful private placement. In our opinion the timing for making new investments in shipping is excellent, and we remain committed to continue to increase and further diversify our portfolio of modern vessels on long term charter in order to support attractive dividends to our shareholders. The share issue will also contribute to increase the free float in the Ocean Yield share, making it even more attractive for investors." ABG Sundal Collier ASA, Arctic Securities AS, Pareto Securities AS and Sparebank 1 Markets AS have acted as Joint Lead Managers in the Private Placement. Company contact: Eirik Eide, CFO Tel: +47 24 13 01 91 / Mob: +47 95 00 89 21 Investor Relations contact: Marius Magelie, SVP Finance & IR Tel: +47 24 13 01 82 *** This information is subject to disclosure under the Norwegian Securities Trading Act, Section 5-12. This announcement is not and does not form a part of any offer for sale of any securities, and is for release, publication or distribution, directly or indirectly, in the United States, or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. Ocean Yield ASA does not intend to register of its securities in the United States. The distribution of this announcement into jurisdictions other than Norway may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This announcement has not been approved by any regulatory authority.