Ocean Yield (Buy, TP: NOK30.00) - Creates JV to address covenant
Ocean Yield announced yesterday a JV with Aker Capital, which will lift the equity ratio of the company by 2%-points, from 26.5%, by the end of Q1. We estimate the equity ratio will increase by 0.5%-points each quarter; hence, yesterday’s announcement comes with a risk of more impairments going forward. On a positive note, the new development concept for Aker Energy in Ghana could provide FPSO opportunities for OCY.Ocean Yield provides investments in vessels within oil-service and industrial shipping industry. Co. is a ship-owning company with investments in vessels on long-term charters.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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