Ocean Yield buys two PSVs with long-term charters to Aker BP

Business & Finance

Ocean Yield, a ship-owning company, has agreed to acquire two platform supply vessels (PSVs) from BP Shipping for a total consideration of $105.4 million.

Both vessels are on long-term charters to Aker BP, a publicly listed E&P company with exploration, development and production activities on the Norwegian Continental Shelf, Ocean Yield informed on Tuesday.

The two vessels, NS Orla and NS Frayja, were both delivered in 2014 and entered into 15 years bareboat charters that started from delivery.

According to the company, the bareboat charter rates are $17,253 per day per vessel, which gives a contribution to annual EBITDA of $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 $65 million with semi-annual installments based on an annuity profile and a tenor of seven years.

Ocean Yield’s Chief Executive Officer, Lars Solbakken, said: “We are pleased to announce the investment in two additional vessels on long term charter, as it allows us to continue to grow and further diversify our portfolio, adding a strong counterparty with a market capitalization of approximately $5.4 billion.”