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Ocean Yield extends option period with Aker Energy for FPSO

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Oilfield Technology,

Ocean Yield has agreed with Aker Energy to further extend the option period for the bareboat charter of the FPSO Dhirubhai-1 until 1 September 2019 against an additional compensation. The option agreement was first entered into on 12 February this year and expired on 1 May before being extended until 30 May. 

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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