Aker ASA Enters Joint Venture with Ocean Yield

Source: www.gulfoilandgas.com 6/11/2020, Location: Europe

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


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