Ocean Yield ASA (Ocean Yield) has agreed to acquire two Platform Supply Vessels ("PSVs") from BP Shipping for a total consideration of USD 105.4 million. Both vessels are on long-term charters to Aker BP ASA (Aker BP).

The two vessels, NS Orla and NS Frayja, were delivered in September and December 2014, respectively, and entered into 15 years bareboat charters starting as from delivery of the vessels. The bareboat charter rates are USD 17,253 per day per vessel, which gives a contribution to annual EBITDA of USD 12.6 million.

Ocean Yield announces investment in 2 vessels with long charters to Aker BP ASA
Caption: Offshore Tug/Supply Ship NS Orla - Image courtesy of Geir Vinnes/shipspotting

The vessels are expected 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 USD 65 million with semi-annual instalments based on an annuity profile and a tenor of 7 years.

Aker BP is a publicly listed E&P company with exploration, development and production activities on the Norwegian Continental Shelf. Measured in production, Aker BP is one of the largest independent oil companies in Europe.

Ocean Yield ASA's Chief Executive Officer Lars Solbakken said in a comment: "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 USD 5.4 billion."

Source: Ocean Yield