Aker owns 61.7 per cent of the shares in Ocean Yield. As at 31 December 2018, Ocean Yield’s share price was NOK 59.20, compared to NOK 69.50 at the end of 2017. The company paid a dividend of USD 0.76 per share in 2018, corresponding to NOK 6.24 per share. Aker’s shareholding was valued at NOK 5.8 billion at the end of 2018, equivalent to 11 per cent of Aker’s total assets. Frank O. Reite and Kjell Inge Røkke represent Aker on Ocean Yield’s board of directors.
AKER’S OWNERSHIP AGENDA
Aker’s main ownership priorities for Ocean Yield are portfolio growth and diversification, focus on counterparty risk, a new contract for the FPSO Dhirubhai-1, optimising capital structure, reducing capital costs and maintaining an attractive dividend.
Ocean Yield increased its investment capacity in the first quarterof 2018, completing a private placement that secured NOK 759 million in new equity. Aker pre-subscribed for 50 per cent, but was allocated zero shares due to strong demand and in order to increase the free-float of the Ocean Yield share. This reduced Aker’s shareholding from 66.2 per cent to 61.7 per cent.
In 2018, the company invested USD 666 million, and approximately USD 579 million net after seller's credits. These investments contributed to increased diversification of the order backlog, both by counterpart and within segments. At year-end, the company owned 57 vessels with an EBITDA order backlog of USD 3.5 billion. The average remaining EBITDA-weighted contract tenor is 11 years. Dhirubhai-1 completed a 10-year contract in India in the autumn of 2018, and discussions are being held with interested parties to secure a new long-term contract for the FPSO.
Aker supports Ocean Yield’s strategy of growing the company over time through value-generating transactions and further portfolio diversification in terms of both number of counterparties and segments. Future growth will primarily occur through the purchase of new ships in the industrial shipping sector. Aker’s view of the market remains positive, and Ocean Yield is expected to be a substantial contributor to Aker’s dividend receipts going forward.
For more information, please visit www.oceanyield.no .