Ocean Yield AS (“Ocean Yield” or the “Company”) announces results for the third quarter 2024.

HIGHLIGHTS

• EBITDA for Q3 2024 was USD 55.9 million and Adjusted EBITDA was USD 94.6 million.

• Net profit for Q3 2024 was USD 23.2 million.

• Strong balance sheet, with an equity ratio of 34.0% and USD 395.1 million in available liquidity.

• Agreed to acquire 34% indirect economic interest in France LNG Shipping SAS, a company owning a portfolio of LNG carriers on long-term charters to three European investment grade counterparties.

• Delivery of the first Newcastlemax newbuilding with long-term charter to CMB.TECH NV.

• Successful placement of a new five-year unsecured bond in the amount of NOK 1,251 million.

• Issued a call notice and repaid all remaining bonds under the hybrid perpetual bond issue OCY06.

• The EBITDA charter backlog at the end of Q3 2024 was USD 4.5 billion with an average remaining contract duration of 10.0 years. This is including the recently announced LNG transaction.

Andreas Røde, CEO of Ocean Yield, said in a comment: “Ocean Yield is pleased to report another stable quarter, with net profit of 23.2 million and adjusted EBITDA of USD 94.6 million. This quarter, focus has been on obtaining regulatory approvals for the announced LNG transaction and preparing for closing. The LNG transaction will be transformational for Ocean Yield, introducing a new segment to the portfolio, with strong partners and end users. The infrastructure like characteristics of LNG fits well with our strategy of investing in longterm, stable cash flows to tier-one counterparties.”

MAIN EVENTS DURING THE QUARTER AND POST QUARTER END

New investments

• During the third quarter and as also commented in the second quarter report, Ocean Yield announced that it had agreed to purchase an indirect economic interest of 34% in France LNG Shipping SAS (“FLS”). FLS owns a portfolio of LNG carriers on long-term charters and is 50/50 owned by NYK and Geogas LNG. Six vessels are currently on the water, with an average age of three years, with further two being delivered in 2024 and 2025, respectively. Four additional newbuildings are expected to be novated to FLS at or around closing of the transaction and will be delivered in 2027. All vessels are employed on long-term charters to tier-one investment grade-rated European energy companies. Average contract duration is 10 years, or 14 years including extension options. The transaction adds approximately USD 840 million to Ocean Yield’s EBITDA backlog. All regulatory approvals have now been received and closing of the transaction is expected during December 2024, subject to certain customary conditions.

Portfolio update

• During the third quarter, the PCTC vessel Höegh Jeddah and the Suezmax tanker Poliegos were delivered to their new owners following previously declared purchase options.

• Purchase options were declared for the dry bulk vessels Interlink Fortuity and Interlink Celerity. The vessels are expected to be delivered to their new owners during Q1 2025.

• Post quarter end, purchase options for the container vessels Detroit Express, Genoa Express, Livorno Express and Barcelona Express were declared and the vessels have been delivered to their new owners. Also the gas carrier Navigator Aurora was delivered to its new owners, following a previously declared option.

• Post quarter end, the Company took delivery of the Newcastlemax newbuilding Mineral Eire, which commenced a 15-year bareboat charter to CMB.TECH NV (“CMB.TECH”) upon delivery. Further, the scope of the Newcastlemax vessels with long-term charter to CMB. TECH has been finally set to eight vessels.

Full report: Ocean Yield AS