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    Ocean Yield acquires PSVs from BP Shipping

    Vessel & ROV News // June 14, 2017

    Ocean Yield has agreed to acquire two PSVs from BP Shipping for a total consideration of US$105.4 million. Both vessels are on long term charters to Aker BP.

    The vessels, NS Orla and NS Frayja, were delivered in September and December 2014, respectively, and entered into 15-year bareboat charters starting as from delivery.

    The bareboat charter rates are US$17,253 per day per vessel, which provides a contribution to annual EBITDA of US$12.6 million.

    The vessels are due to be delivered to a fully-owned subsidiary of Ocean Yield in June 2017. The acquisition will be financed by a combination of debt and equity and Ocean Yield has received an offer for a senior secured loan facility of up to US$65 million with semi-annual instalments based on an annuity profile and a tenor of seven years.

    Ocean Yield's Chief Executive Officer Lars Solbakken said, "We are pleased to announce the investment in two additional vessels on long term charter, as it allows us to continue to grow and further diversify our portfolio, adding a strong counterparty with a market capitalization of approximately US$5.4 billion."

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