Ocean Yield Announces Investment in 2 vessels with Long Term Charters to Aker BP ASA
Tuesday 13 June 2017
Ocean Yield ASA ("Ocean Yield") has agreed to acquire two Platform Supply Vessels ("PSVs") from BP Shipping for a total consideration of USD 105.4 million. Both vessels are on long term charters to Aker BP ASA ("Aker BP"). The two vessels, "NS Orla" and "NS Frayja", were delivered in September and December 2014, respectively, and entered into 15 years bareboat charters starting as from delivery of the vessels. The bareboat charter rates are USD 17,253 per day per vessel, which gives a contribution to annual EBITDA of USD 12.6 million.
The vessels are expected to be delivered to a fully owned subsidiary of Ocean Yield in June 2017. The acquisition will be financed by a combination of debt and equity and Ocean Yield has received an offer for a senior secured loan facility of up to USD 65 million with semi-annual instalments based on an annuity profile and a tenor of 7 years.