Ocean Yield secures funds for ‘Aker Wayfarer’

Ocean Yield ASA has today signed a new revolving credit facility of $220 million with maturity in 2021 with a group of banks for the long-term financing of the vessel Aker Wayfarer.

The vessel is on bareboat charter to AKOFS Wayfarer AS until 2027, and the charter is fully guaranteed by Akastor ASA. The vessel has been awarded a 5+5 year charter with Petrobras starting in the second half of 2016.

Before the start of the contract, the vessel will undergo a modification of approximately $90 million in order to become a deepwater subsea equipment support vessel, which will allow it to install and retrieve subsea trees and modules, including subsea structures and manifolds. The modification cost will be funded by Ocean Yield against an increase in the bareboat rate.

The current outstanding loan relating to the vessel is approximately $107 million. The new credit facility will in addition to refinancing the existing loan provide 100% financing of the $90 million modification, and the remaining $23 million will be used for general corporate purposes.

Ocean Yield ASA’s Chief Executive Officer, Lars Solbakken, said in a comment: “We are pleased to announce the signing of this new credit facility, which provides Ocean Yield with attractive financing for the Aker Wayfarer and will, together with the recently announced bond issue of NOK 1 billion, further strengthen our ability to continue the growth of the company.”