Ocean Yield extends option period with Aker Energy for FPSO

Aker Energy is currently evaluating different opportunities for the FPSO at the Deepwater Tano Cape Three Points (DWT/CTP) block offshore Ghana. As there is uncertainty related to a contract for Dhirubhai-1 with Aker Energy, Ocean Yield is in parallel pursuing other employment opportunities for the FPSO. In that respect, Ocean Yield has entered into an agreement to perform a fully paid Engineering Study for the potential use of the unit on behalf of a non-related independent oil company.

When reviewing future dividends of Ocean Yield, the prospects for long-term employment of the FPSO will be taken into consideration. If no satisfactory employment can be firmed up within the end of 1Q20, an adjustment of the current dividend level of US$0.191 per share per quarter will be considered. Based on the expected earnings from the existing portfolio of vessels with long term charters and the company's continued growth ambitions, a quarterly dividend of about US$0.15 per share as from 1Q20 is currently considered to be an appropriate dividend level until a new employment contract is secured for the FPSO.

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