BP Shipping delivers PSV duo to Ocean Yield

Ship-owning company Ocean Yield on Wednesday took delivery of two platform supply vessels (PSVs) from BP Shipping.

To remind, Ocean Yield acquired the two platform suppliers from BP Shipping earlier this week for a total consideration of $105.4 million.

The two vessels, NS Orla and NS Frayja, were both built in 2014 and subsequently entered into 15-year bareboat charters with Aker BP.

According to the company, the bareboat charter rates are $17,253 per day per vessel, which gives a contribution to annual EBITDA of $12.6 million. Both vessels will continue their bareboat charter contracts to Aker BP.

The acquisition will be financed by a combination of debt and equity, and Ocean Yield has received an offer for a senior secured loan facility of up to $65 million with semi-annual installments based on an annuity profile and a tenor of seven years.

The company noted in Wednesday’s statement it had taken delivery of four vessels so far this year and that its total fleet stands at 37 vessels, 35 of which have been delivered.

The NS Orla and NS Frayja are 97 meters long, 20 meters wide, and have 5,110 tonnes of deadweight. Both have four Rolls-Royce main engines, maximum speed of 14,5 knots and can accommodate 23 persons.

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