Ocean Yield ASA Reports Fourth Quarter Net Profit of $17.9 Million

Ocean-Yield

Ocean Yield AS announces results for the fourth quarter and preliminary results for the year ending 31st December 2021.

HIGHLIGHTS

• EBITDA for Q4 2021 was USD 41.5 million and EBITDA adjusted for finance lease effects was USD 66.1 million.
• Net profit for the period Q4 2021 was USD 17.9 million and adjusted net profit for Q4 2021 was USD 23.6 million.
• Acquisition of six eco-design VLCCs with long term charters to International Seaways Inc. for a total consideration of USD 375 million.
• Acquisition of two modern LR2 product tankers with 10-year bareboat charters to Scorpio Tankers Inc. for a total consideration of about USD 70 million.
• Sale of the FPSO Dhirubhai-1 to Aker Energy AS for a total consideration of USD 35 million.
• Completion of the voluntary offer for all shares in Ocean Yield by KKR and a subsequent de-listing of the Company from the Oslo Stock Exchange. The Company was converted from ASA to AS and a new Board of Directors elected.
• Following the retirement of Lars Solbakken, Andreas Røde has been appointed new CEO of Ocean Yield, effective 4th February 2022.

Andreas Røde, CEO of Ocean Yield, said in a comment:

“I have had the pleasure of working with Lars Solbakken and the great team in Ocean Yield since the IPO in 2013, initially as an advisor and, since 2017, as responsible for Business Development. I am very much looking forward to continue to develop Ocean Yield further with KKR as our new owner and I am confident that we have the best team and a unique platform for further growth in place.”

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