Aker ASA: Joint Venture with Ocean Yield

Aker ASA: Joint Venture with Ocean Yield

PR Newswire

OSLO, Norway, June 11, 2020

Aker Capital AS ("Aker") has entered into an agreement with Ocean Yield ASA ("Ocean Yield") for co-ownership of oil tankers

OSLO, Norway, June 11, 2020 /PRNewswire/ -- Aker has entered into an agreement with Ocean Yield whereby Aker will acquire from Ocean Yield 50% of seven tankers with long-term charters. The Joint Venture ("JV") will own four LR2 product tankers with long-term charter to the Navig8 Group and three Suezmax tankers with long-term charter to Nordic American Tankers Ltd. Aker will pay USD 10.2 million for 50% of the shares in two new holding companies, which is equal to the book values. The investment satisfies Aker's return requirements.

The transaction is conducted on arm's lengths basis and in accordance with Aker's principles for related party transactions. Arctic Securities AS has provided fairness opinion for Aker. The transaction is subject to final documentation. 

For further information, please contact:

Investors:
Torbjørn Kjus, Chief Economist & Head of Investor Relations
Phone: +47-94-14-77-30

Media:
Atle Kigen, Head of Corporate Communications
Phone: +47-90-78-48-78

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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https://news.cision.com/aker-asa/r/aker-asa-joint-venture-with-ocean-yield,c3132611

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