Ocean Yield ventures into gas market with LEG newbuildings

Oslo-listed Ocean Yield has entered into contracts to build three new 36,000 cu m LEG carriers at China’s Sinopacific Offshore & Engineering (SOE) at a cost of $243m.

The gas carriers are scheduled for delivery in August, October and December 2016 respectively, and will subsequently be on a 15-year bareboat charter to Germany’s Hartmann Group.

Hartmann will have the opportunity to buy into one-third ownership of the gas carriers at the end of year 10 at depreciated value, or receive one-third profit share from year 11 to year 15, according to Ocean Yield.

Lars Solbakken, ceo of Ocean Yield, said: “We are pleased to announce this transaction as it marks Ocean Yield’s entry into the gas segment.”

Separately, the company has also agreed to buy two PCTC of 4,900-car capacity for $90m on the back of eight-year bareboat charters to Höegh Autoliners. Höegh will have certain options to acquire the vessels during the bareboat charter period, with the first option after five years.

The PCTC were built in 2010 and will be delivered to Ocean Yield within the second quarter of this year.

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