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    Ocean Yield confirms details of Farstad deal

    Company News // July 12, 2016

    Referring to a recent statement by Farstad Shipping, in which Farstad said a majority of its secured lenders had entered into a standstill and deferral agreement and a defeasance of all financial covenants until 1 October 2016, in anticipation of  a financial restructuring of the Farstad group, Ocean Yiled has issued a statement about two vessels it currently has on a long-term bareboat charter to Farstad Supply, a subsidiary of Farstad Shipping.

    Ocean Yield said Farstad Supply will continue to pay the full bareboat hire to Ocean Yield during the standstill period. Certain covenants in the bareboat agreements have, however, been waived until 1 October 2016.

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