Investment in LNG carriers with long-term charters

05 Jul 2024 12:00 CEST

Ocean Yield AS ("Ocean Yield" or the "Company") is pleased to announce that it
has agreed to purchase infrastructure fund CVC DIF's share in the French company
Geogas LNG, providing an indirect economic interest of up to 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. 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, with an average contract duration of 10 years, or 14 years
including extension options. Based on an indirect economic interest of 34%, the
transaction will add approximately USD 840 million to Ocean Yield's EBITDA
backlog. Closing of the transaction is expected to occur during the second half
of 2024, subject to certain customary conditions.

Chief Executive Office Andreas Røde said in a comment: "We are pleased to
partner with NYK, Geogas Maritime and Access Capital Partners for our first
transaction in the LNG segment. FLS controls a fleet of modern LNG carriers with
a low carbon footprint and long-term charters to investment grade-rated
counterparties."

BAHR and Stephenson Harwood acted as legal advisors to the Company in connection
with the transaction.

This information is subject of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Company contacts:

Andreas Røde (CEO), Tel +47 98 22 85 62

Eirik Eide (CFO), Tel +47 95 00 89 21

Investor Relations contact:

Karl Fredrik Schjøtt-Pedersen (SVP Finance & Investor Relations), Tel +47 95 13
23 35

Company information:

Ocean Yield AS 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.

More information:
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