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    Ocean Yield cancels Lewek Connector charter

    Contracts, Tenders and Rates // February 14, 2017

    Referring to a stock exchange announcment dated 16 December 2016, in which Emas Chiyoda Subsea requested a short-term standstill agreement relating to the bareboat charter of Lewek Connector, Ocean Yiled says that, in order to protect its legal interest, a notice of termination related to the bareboat charter has now been served.

    The company will, however, continue to participate in discussions regarding a financial restructuring of Emas Chiyoda Subsea.

    Ocean Yield said it is also considering a potential short-term contract for the vessel to a related company of Ezra
    Holdings Ltd, at a reduced rate, while a long-term solution is being discussed.

    As a consequence, an impairment charge of approximately US$35 million will be considered by the board of directors in the company's fourth quarter 2016 results. 

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