Ocean Yield to acquire two BP PSVs

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

NS Orla. Image from Golden Energy Offshore.

The two 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 of the vessels.

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

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 $65 million with semi-annual installments based on an annuity profile and a tenor of seven years. 

"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 $5.4 billion," says Ocean Yield Chief Executive Officer Lars Solbakken.