Ocean Yield (Buy, TP: NOK65.00) - Extending, again
After market close yesterday, Ocean Yield announced that the option agreement for the FPSO to Aker Energy was extended from 1 September to year-end 2019. We believe the extension strengthens the case for finding a useful life for the unit within the Aker group, but that the process could take considerable time, which makes a dividend cut increasingly likely. In our view, the extension could remove some investor uncertainty ahead of a potential issue of a hybrid bond.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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