Ocean Yield in Standstill Pact with Solstad Offshore

Norway-based company engaged in the investment in vessels within oil-service and industrial shipping Ocean Yield ASA has entered into a standstill agreement with Solstad Offshore for two anchor handlers built in 2013, the Far Senator and Far Statesman.

Ocean Yield said in a stock exchange annoucement that it has entered into a 6 month standstill period with respect to payment of interest, instalments and charter hire.

"To the extent the cash in these subsidiaries exceeds NOK 300 million on a consolidated basis, the excess amount will be used for settlement of the delayed payments on a pro rata basis," it said.

During the standstill period Solstad Offshore ASA intends to implement a financial restructuring of the company.

Ocean Yield will in connection with the Q4 2018 results consider if it is necessary to make an impairment of the book value of the vessels Far Senator and Far Statesman.