• 2020 December 7 13:01

  Ocean Yield announces sale of the offshore construction & cable-lay vessel Connector

  

  Ocean Yield ASA has entered into an agreement to sell the offshore construction and cable-lay vessel Connector to a third party. The vessel is expected to be delivered to the buyer during the fourth quarter, the company said in its release.

  Connector is a highly advanced subsea construction & cable-lay vessel that was operating on a long-term bareboat charter until February 2017. In anticipation of a market recovery, Ocean Yield has for the past years traded the vessel in the short-term market. As the market has remained challenging, Connector has contributed negatively to both net profit and cash flow.

  The sale will be cash flow neutral after settlement of debt related to the vessel. Ocean Yield will record a non-cash book loss related to the sale of approximately USD 70 million in the Q4 2020 financial statements. The Company expects only a marginal decrease in the book equity ratio at the end of Q4 compared to Q3, mainly explained by a reduction in total assets due to the sale of Connector and prepayment of debt.
  
  Ocean Yield ASA is a ship owning company with investments in vessels on long-term charters. The company has a significant contract backlog that offers visibility with respect to future earnings and dividend capacity.

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