STOCKHOLM, Nov. 21, 2019 /PRNewswire/ -- Ocean Yield ASA
("Ocean Yield" or the "Company") is pleased to announce that the
Company has agreed to acquire four modern LR2 product tankers with
long-term charter to companies owned and guaranteed by Navig8 Topco
Holdings Inc. ("Navig8 Group") from a major Chinese leasing
company. The net purchase price is around USD 132 million in total, or an average price of
USD 33 million per vessel, depending
on the closing date for each vessel, which is expected to be during
the fourth quarter of 2019.
The scrubber fitted vessels are built in 2018 and 2019 with
about 9 year's remaining bareboat charters to Navig8 Group. Navig8
Group will have certain options to either sell or acquire the
vessels during the charter period, as well as an obligation to
purchase the vessels at the end of the charter. Including these
vessels, Ocean Yield will own six vessels on long-term charter to
Navig8 Group.
Navig8 Group is a fully-integrated provider of maritime services
and one of the world's largest independently-owned pool and
commercial management companies. With a global network of 13
offices, the group manages a fleet of over 160 vessels across 11
tanker and chemical pools, operates one of the world's largest
bunkering procurement businesses, and also offers technical
services and asset management services to shipowners and
investors.
Ocean Yield's Chief Executive Officer Lars Solbakken said in a comment: "We are
pleased to acquire four modern scrubber-fitted LR2 product tankers
which increases our fleet to 69 vessels. The net purchase price is
substantially below market value, which gives the investment a very
attractive risk profile. Total net investments this year have
reached USD 438 million and we
continue to see attractive growth opportunities as we enter into
2020."
Company contact:
Eirik
Eide (CFO), Tel +47-24-13-01-91
Investor Relations contact:
Marius Magelie (SVP
Finance & IR), Tel +47-24-13-01-82
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SOURCE Ocean Yield